The government commission approved the sale of Russian assets of the owner of Zara
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On March 30, the subcommittee of the government commission on foreign investment control in Russia approved the sale by the Spanish retailer Inditex Group of 100% of New Fashion JSC (formerly Zara CIS). About it RBC Deputy head of the Ministry of Industry and Trade Viktor Evtukhov said. He did not name the amount of the deal.
According to him, Inditex’s Russian business, including Zara stores, will be bought by Fashion And More Management DMCC. Its office is located “in one of the friendly countries,” Mr. Yevtukhov said without giving details. According to RBC, a company with the same name is registered in the free zone of the United Arab Emirates – Dubai Multi Commodities Centre.
As the deputy minister specified, Inditex will transfer all trading platforms in Russia to new owners. The new owner will open stores under specially created brands MAAG, DUB, ECRU, VILET. “Collections with new tags have already been sewn and brought to Russia. All stores are ready for the opening, which should take place in April-May,” Viktor Evtukhov said.
The Spanish Inditex owns the brands Zara, Bershka, Pull&Bear, Oysho, Stradivarius. She suspended work in Russia in March 2022, and a year later it became known that the company decided permanently close 269 out of 514 stores in Russia. The rest of the stores were owned by the new owner of the Russian business.
In the fall of 2022, the Spanish company reached an agreement in the fall to sell most of its business to the Lebanese holding company Daher Group, but in order to complete the transaction, it was necessary to obtain the consent of the government commission. The fact that Daher Group may open stores under its own brands this spring, spoke sources of “Kommersant” in the market.
Details – in the publication “Kommersant” “Zara will try on a replacement”.
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