The government agreed the sale of the Russian business of Zara to a company from the UAE

The subcommittee of the government commission for the control of foreign investments approved the sale of the company JSC “New Fashion” (formerly “Zara CIS”, owned by the Spanish group Inditex). About it informs RBC with reference to Deputy Minister of Industry and Trade Viktor Evtukhov.

The buyer is Fashion And More Management DMCC “with an office in one of the friendly countries,” the official said. He did not provide details. RBC notes that a company with this name is registered in the free zone of the UAE – Dubai Multi Commodities Centre.

The Inditex Group owns the clothing brands Zara, Bershka, Pull & Bear, Massimo Dutti and others. The stores suspended their work in Russia on March 5, 2022 amid the start of the military operation in Ukraine, sanctions and problems with logistics. At the end of October, 2022 it became known that Inditex reached the agreement on sale of the business in Russia to Daher group.

10th of March became knownthat Zara, Bershka and Pull & Bear will resume operations in Russia this spring under new names. The day before, April 4, Vasily Grigoriev, Director of Market Research at CORE.XP informedthat the opening of Zara stores under the renewed Maag brand in the capital and regions will take place in April. The store in the Aviapark shopping center in Moscow will be the first to open.

In March, Inditex CEO Oscar Garcia Maceiras declaredthat negotiations on the group’s departure from Russia are at the final stage. According to him, the company is waiting for the approval of the Russian authorities. He clarified that the company has decided to permanently close 269 stores in Russia, another 245 points will be transferred to the Daher group. According to the deal with Daher, in the future the Spanish company will be able to resume activities in Russia under a franchise agreement.