Spain’s Inditex, owner of the Zara, Bershka, Massimo Dutti and other brands, plans to sell the Russian business to the Lebanese group Azadea. The latter has already organized a team in Dubai, which will open stores in Russia.
Inditex’s plans were reported by the Spanish newspaper Crónica Global. Specifies that the transaction is in the final stage.
The Lebanese Azadea, specialized in the development of various brands in the Middle East, could become the owner of Inditex’s Russian business. The group already has Inditex franchises in Qatar, Bahrain, Oman, Algeria, Kuwait, Egypt. Azadea is also a franchisee of Gap, Adidas, Reebok, Decathlon.
Inditex closed all of its 502 stores in Russia on March 5, saying it could not guarantee their continued operation. The Russian market represented around 8% of Inditex’s total profit.
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