// Zara owner Inditex gets green flag on the sale of its Russia business to UAE-based Daher Group
// Daher Group will reopen the stores this month and next under new branding
Inditex’s sale of Zara’s Russia business to UAE-based Daher Group has been approved by the Russian government.
The decision was confirmed by Russia’s deputy minister of industry and trade Viktor Kvtukhov on Wednesday.
The sale includes the entirety of the retail giant’s Russian business, including its 245 Zara stores and the company’s trading platforms.
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The deal will see Daher Group reopen the shops under new branding and names – Maag, Dub, Ecru and Vilet – later this month and in May.
Kvtukhov said: “Collections with new tags have already been sewn and brought to Russia. All stores are ready for the opening, which should take place in April to May 2023.”
Inditex agreed the sale of the business in October after it closed operations in the country in the wake of its invasion of Ukraine.
The group’s chief executive Óscar García shared in March the company remained willing to return to Russia if “the situation changed”, however, this was unlikely to happen in the short term.
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