Moscow approves sale of Inditex's Russian business to UAE-based buyer | Reuters
The Russian government on Wednesday said it had approved a deal for Spain's Inditex (ITX.MC) to sell its Russian business to a UAE-based buyer, with some of its former stores to reopen under new branding in April and May.
Inditex shuttered its more than 500 Russian stores after Moscow sent troops into Ukraine, and agreed to sell them in October, although small-scale imports and online sellers are helping to keep Inditex's brands alive in Russia.
Inditex did not immediately respond to a request for comment.
The company previously said it had agreed to transfer 245 of its 514 shops to UAE-based Daher Group, while others would close. It has said that the new brands opening in Russia would be totally different from Inditex brands.
Russian exits by Western companies have been complicated as deals involving firms from so-called unfriendly countries - those that imposed sanctions against Russia - need approval from a government commission. Companies often insert buyback clauses that could one day see them return.
No comments:
Post a Comment