The owner of the ZARA brand will finally close nearly 270 stores in Russia
17/03/2023, 13:30
Inditex (brands Zara, Massimo Dutti, Pull and Bear, Oysho, Zara Home, Uterqüe, Stradivarius, Lefties and Bershka) expects to complete the operation of withdrawing from the Russian market, which was announced in October last year. At Inditex counted up the amount of impairment of the value of investments in seven Russian subsidiaries at the end of 2022 financial year at 2.211 billion euros. Now Inditex plans to transfer assets and rights related to the stores in Russia to Daher group.
After completion of the purchase-sale agreement, premises transferred will be occupied by points selling brands belonging to Daher group that are not related to Inditex group in any way. Thus, the Russians will lose access to a whole group of popular clothing brands.
