Inditex
According to an official statement on its website Spanish retail group Inditex has reached an initial agreement for the sale of its business in the Russian Federation to Daher Group. The transaction will mean the termination of Inditex’s operations in the Russian Federation after sales were paused earlier this year on March 5.
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 landlords, these premises will accommodate stores of brands owned by the buyer group, unrelated to Inditex.
In the future if Inditex considers returning to Russia, they have the option of a potential collaboration with Daher Group through a franchise agreement.
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