Inditex agrees sale of Russian business
Zara owner Inditex has reached an initial agreement for the sale of its business in Russia to Daher Group.
The company, which also owns Bershka and Pull & Bear, said the move will preserve a substantial number of jobs it has generated in the country as it includes the transfer of most of the lease contracts related to stores.
Subject to agreement by the landlords, the premises will accommodate stores owned by Daher.
The transaction will result in the termination of Inditex’s operations in Russia after sales were paused following the country’s invasion of Ukraine.
However, both companies have the option of a potential collaboration through a future franchise agreement if Inditex considers that new circumstances would allow its return to the market.
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