New brands were replaced with Zara, Pull & Bear, Bershka and Stradivarius in 243 stores. They sell almost identical clothes, and the suppliers remain the same.
The Spanish company Inditex, who owns Zara, Bershka and Pull & Bear Brands, left the Russian market but really maintained control and the possibility of returning, reports the Financial Times.
According to the publication, in October 2022, Inditex sold the “daughter” of Russia, called the New Fashion, the Lebanese family of Dure. They already have a franchise for the sale of Inditex products in the Middle East. A month before the deal, the family created the Halo -Haling R in the UAE – he was the officer to buy the business.
Before the sale was completed, Inditex filled a loan of 9.1 billion rubles (approximately 120 million dollars) issued earlier than a subsidiary in Russia, and moved it another 5.7 billion rubles (about 75 million dollars). Thereafter, the company was sold for the “insignificant” value.
“From the point of view of the common sense, they are usually not invested in a possession they deleted,” said former EY operation director Paul Ostling, who worked on the board of directors of a number of Russian companies.
After the transaction, the new brands – brief, dub, ecru and Vilet – were replaced with Zara, Pull & Bear, Bershka and Stradivarius in 243 stores. They sell almost identical clothes, and the suppliers remain the same.
Some of Inditex’s designers, manager and consumers moved to the UAE and worked in a business called by the Spanish company Daher Group. Such a company does not officially exist, but it operates by Halo -Halong R.
“The purpose of the transaction is to sell our business … while maintaining the opportunity to return to the market through a franchise agreement,” Inditex’s official statement said.
Remember that in Kyiv, Zara stores continued work in early April 2024.
As reported, in 2017, the founder of Zara Amancio Ortega led the world’s richest man in 2015, 2016 and 2017.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.