THE WHAT? Inditex has been given the go-ahead to sell its Russian arm, according to a report published by The Financial Times. The clothing behemoth will offload its stores in its second-biggest market to UAE-based Daher Group.
THE DETAILS The owner of Zara agreed terms some five months ago in a preliminary agreement, having suspended operations in Russia in the wake of its invasion of Ukraine. The sale price was not disclosed. Stores will reopen before the summer under an array of brand names, the Financial Times reveals.
THE WHY? Western companies exiting Russia must obtain approval from the country’s Commission on Foreign Investments to divest their interests in the country.