MADRID (Reuters) – Zara owner Inditex has agreed to sell its stores in Russia to Daher Group, though it does not rule out returning to the country in the future under new circumstances, the Spanish clothing company said on Tuesday.
The terms of the deal will allow a “substantial number” of jobs to be preserved, Inditex said in a statement, as the transaction includes the transfer of most store lease contracts.
Provided landlords approve the change in ownership, the Spanish firm said its premises could be adapted to accomodate Daher’s operations. A company source told Reuters that Daher Group is Emirati.
(Reporting by David Latona; Editing by Aislinn Laing)
