The Spanish group Inditex, owner of the Zara clothing chain, has announced that it has achieved a preliminary agreement to sell its business in Russia. The buyer Daher, a group which – as reported by the note released by the company – holds significant stakes in the distribution and real estate sectors. The sale will result in the definitive end of the activities of Inditex (an acronym for Industria de diseno textil) in the Russian Federation.
Points of sale and workers
The Zara group had already suspended the commercial activities of over 500 stores it owned in Russia since last March 5, a few days after the invasion of Ukraine and the start of the conflict. According to the note from the clothing giant, the agreement also provides for the sale of the majority of the premises that are currently occupied by its stores not only in Zara, but of all other brands such as Zara Home, Bershka, Oysho, Stradivarius, Pull & Bear and Massimo Duti: a fundamental circumstance that will allow a substantial part of the employees hired by Inditex to preserve jobs in the country. However, in the note, the Spanish multinational did not rule out a future return to the Moscow market, should the conditions exist.
According to a company source reported to the agency Reuters, Daher a group active in the real estate sector that originates in the United Arab Emirates. One of the few countries, along with some nations of the Persian Gulf and Asia, with which Russia carries on an alliance and which encourages people to do business within their own borders, also to deal with the many Western companies, including important multinationals, who have left Moscow to contest the decision to invade Ukraine and to escape the sanctions that Western countries themselves have applied to banking and economic system of the Kremlin. Remaining in the clothing sector, also the Spanish retailer Mango has recently confirmed that it is in talks with local partners to definitively sell the business, which it has already temporarily interrupted in March.