El País: The owner of the Zara brand will finally close more than half of the stores in Russia KXan 36 Daily News

Date: March 17, 2023 Time: 14:03:55

According to the newspaper, today the company is waiting for the deal to be completed to withdraw from the Russian market. According to Inditex, the volume of losses in the Russian subsidiaries at the end of the 2022 financial year amounted to 2,211 million euros. The publication explained that the owners of Inditex will transfer assets and rights to 245 stores in Russia to the Daher group.

The Spanish company clarified that after the completion of the sale agreement, the points of sale of the brands belonging to the Daher group will be located in the premises of the stores.

The publication emphasized that Inditex reserved the right to return to Russia. It is noted that the manager of the Spanish company, Oscar García Maceiras, said that the negotiations to leave Russia are now “in the final stage.”

Earlier, Deputy Trade and Industry Minister Viktor Yevtukhov said that the first hundreds of Zara stores under the new management will open in early spring.

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.

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