The Inditex Group, the parent company of Zara and Bershka, has sold its Russian operations to Daher Group, a real estate group based in the United Arab Emirates. With this deal, Zara is existing from Russia but is keeping the door open. Inditex sealed the agreement to sell its Russian outlets, a total of 502 in number, to the Daher Group. Daher Group also operates the Dubai Mall and is Inditex’s master franchiser in the Middle East and North Africa. Russia used to be Inditex’s second-largest market, but following the invasion of Ukraine and the start of the accompanying Western sanctions, the group ceased its operations there this year.
Full story: RetailDetail
