MADRID, October 25. /TASS/. Inditex has negotiated the sale of its Russian business to Daher Group, the Spain-based owner of Zara and Bershka brands said in its press release on Tuesday.
"Inditex has reached an initial agreement for the sale of its business in the Russian Federation to Daher group," the Spanish fashion clothing retailer said.
"The terms of the transaction, subject to government approval, will enable the preservation of a substantial number of jobs generated by Inditex Group in Russia, as it includes the transfer of most of the lease contracts related to stores. Subject to agreement by the landlords, these premises will accommodate stores of brands owned by the buyer group, unrelated to Inditex," the company said.
"The transaction will mean the termination of Inditex’s operations in the Russian Federation, after sales were paused on March 5," Inditex noted. "If in future Inditex considers that new circumstances allow the return of the Group’s brands to this market, Inditex and the Daher group have the option of a potential collaboration through a franchise agreement," the Spanish company said.
Inditex, which had more than 500 stores in Russia, made the decision to suspend operations in the country in early March amid the special military operations in Ukraine.