The announcement comes from the world leader in clothing.
The Spanish group Inditex, owner of the Zara brand, announced on Tuesday that it was preparing to sell its stores in Russia, more than seven months after having suspended its activities in this country since the invasion of Ukraine.
"Inditex has reached a first agreement for the sale of its business in the Russian Federation to the Daher group, which has significant stakes in the distribution and real estate sectors," said the Spanish ready-to-wear giant. carry.
Such a "transaction will result in the cessation of Inditex's operations in Russia after the suspension of its commercial activity on March 5", explains the company, adding that "the provisions recognized in the financial results for the first half of 2022 largely cover part of the impact" of this cessation of activity.
Jobs will be saved
Inditex also stresses that a "substantial part" of the group's employees should keep their jobs, even if the future "points of sale" which will replace the Inditex stores will be completely different from the group's brands (Zara, Zara Home, Bershka, Oysho , Stradivari, Pull & Bear, Massimo Duti).
If "new circumstances" were to arise and they opened the way for the Spanish group's brands to return to the Russian market, Inditex and the Daher group are studying the possibility "of including in their agreement the possibility of collaboration by through a franchise agreement,” the statement said.
On March 5, Inditex announced that “given the current circumstances”, the group could not “guarantee the continuity of operations and commercial conditions” in Russia, a country which represented approximately 8.5% of its operating profit. .
Inditex (acronym for
Industria de diseño textil
) had 502 stores in Russia, 86 of which were Zara.
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