Spain’s Inditex – owner of the Zara, Bershka, Stradivarius and other brands – will sell the Russian business to its Lebanese franchisee Daher Group. The parties have reached an agreement, Inditex said, without disclosing its terms.
Inditex and Daher Group have reached an initial settlement agreement, Inditex said. It must be approved by the government, the company said.
The finanacial terms of the contract were not disclosed. In organizational terms, most of the leases associated with the stores will be transferred to the new owner, which will save a significant number of jobs, Inditex said.
The sale of the Russian business implies the cessation of activities in the country, explained Inditex. However, the terms provide for the company’s right to return the franchised group’s brands should circumstances change.
Incurred by the termination of operations in Russia cover the reserve funds reflected in the financial statements of the first half of 2022, Inditex said.
Inditex closed more than 500 of its stores in Russia and ended online sales in March.
Author:
Kirill Bilyk
Source: RB
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