The Spanish clothing chain Inditex, owner of the Zara, Bershka and other brands, will permanently close 269 of 514 stores in Russia after suspending operations in March 2022. This is reported by the El País publication.
According to the newspaper, the company is still waiting for the finalization of the agreement to exit the Russian market (announced in October 2022). Inditex estimated the impairment of the value of investments in seven Russian subsidiaries at 2,211 million euros.
The group plans to transfer the assets and rights of the remaining 245 stores in Russia to the Daher group. The new outlets will reportedly not be affiliated with Inditex in any way.
As part of the agreement, Inditex has the right to return to Russia “in case of new circumstances.” On March 15, the company said it was ready to do so if “the situation in Russia changes.”
- Inditex was founded by the Spanish Amancio Ortega. The network has about 7 thousand stores in 100 countries. The most famous Inditex brands are Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius and Oysho.
- As previously reported, the Iranian company Daher Group, which has taken over Inditex’s Russian business, intends to open stores with new signage in spring 2023. The first point, the women’s, men’s and children’s clothing brand Maag, will appear at Aviapark.
Author:
anastasia mariana
Source: RB
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