Spanish conglomerate Inditex, owner of Zara, Pull & Bear, Massimo Dutti, Oysho, Bershka and Stradivarius clothing brands, will finally close 269 of its 514 stores in Russia. Reported by TASS.
The holding is waiting for the completion of the agreement to exit the Russian market, which was announced in October 2022. Inditex now plans to transfer assets and rights to 245 stores in Russia to the Daher group.
“After the completion of the sales and purchase agreement, the transferred facilities will host the points of sale of brands belonging to the Daher group, which are completely unrelated to the Inditex group,” the Spanish company said.
Under the deal, Inditex reserved the right to return to Russia “in case of new circumstances” that the company believes “will allow the group’s brands to return to this market” through a franchise agreement. The Spanish company’s director, Oscar Garcia Maceiras, said on Wednesday that talks to leave the Russian Federation are “in the final stage”.
Earlier, the clothing chain had announced that its net profit for the 2022 fiscal year increased by 27% compared to 2021, reaching 4.13 billion euros.