Inditex announced its readiness to return to the Russian market in the future
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The Spanish group Inditex (Zara, Bershka, Pull&Bear, Massimo Dutti) announced its readiness to return to the Russian market if the situation in the country changes. About it declared CEO Oscar Garcia in an interview with the Financial Times.
“If we made the decision to resume our activities in Russia, because the situation has changed – and of course I don’t think this will happen in the short term – we could resume our activities precisely in those stores that we transfer to the Daher group,” Garcia said.
At the end of October, 2022 it became known that Inditex reached the agreement on sale of the business in Russia to Daher group. At the same time, Inditex said that if the group decides to return to the Russian market, then the Daher group has the possibility of potential cooperation through a franchise agreement. In November of the same year, Daher announced that they would work in Russia under their own brand.
Zara suspended the work of its stores in Russia on March 5, 2022 amid the start of a military operation in Ukraine, sanctions and problems with logistics. According to El Mundo, there were more than 500 Inditex stores in Russia, 86 of which were under the Zara brand. Russia accounted for about 8.5% of the group’s global EBITDA.
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