Russia approved the sale of Inditex business to the Daher group

The Russian government has approved the sale of the operations of the Spanish multinational company Inditex in Russia to the Daher group, Deputy Minister of Industry and Trade Víktor Yevtújov reported. According to Yevtújov, quoted by the RBC portal and quoted by Efe, the new owner will open stores in Russia under the MAAG, DUB, ECRU and Vilet brands. The opening of the new premises is planned for the month April and Mayhe added.

It was announced by a textile multinational, among others the owner of Zara in October past that he closed a agreement with the Daher group to sell his business in Russia, where he has almost 500 stores.

Inditex emphasized that the conditions of the operation will allow the preservation of a “substantial part” Jobs maintained by a group of Galician origin in Russia. As planned, the outlets of the brands owned by the buying group will be “completely unrelated to Inditex”.

The transaction includes cessation of Inditex operations in Russia after suspending its commercial activity in March 2022, following the start of the Russian military campaign in Ukraine and the imposition of Western sanctions.

In the event that future circumstances allow the return of Inditex to Russia, the Spanish company claims to have reached an agreement with Daher to study cooperation between the two companies through franchise agreement.

In addition to Zara, the Spanish group did business in Russia with the brands Bershka, Pull&Bear, Stradivarius, Oysho, Massimo Dutti and Zara Home and had more than 500 stores, all leased.

Until the outbreak of hostilities in Ukraine, Inditex was gaining from the Russian market 8.5% its operating profit.