{"id":18964,"date":"2022-10-27T03:48:34","date_gmt":"2022-10-27T03:48:34","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=18964"},"modified":"2022-10-27T08:46:23","modified_gmt":"2022-10-27T08:46:23","slug":"zara-owner-inditex-to-sell-russian-business-to-uae-based-daher-group","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2022\/10\/27\/zara-owner-inditex-to-sell-russian-business-to-uae-based-daher-group\/","title":{"rendered":"Zara owner Inditex to sell Russian business to UAE-based Daher Group"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<em>A version of this article first appeared in <a href=\"https:\/\/www.retailgazette.co.uk\/\" target=\"_blank\" rel=\"noopener\">Retail Gazette<\/a>.<\/em><\/p>\n<p>Zara owner Inditex has agreed to sell its stores in Russia to UAE-based Daher Group.<\/p>\n<p>With more than 500 stores in Russia, Inditex was one of the biggest western retail giants to close their Russian business in the wake of its invasion of Ukraine.<\/p>\n<p>The sale of its stores to Daher Group, which runs retail company Azadea that has had a partnership with Zara in the Middle East since 1998, includes the transfer of most store lease contracts and will preserve a \u201csubstantial number\u201d of jobs,\u00a0<a href=\"https:\/\/www.reuters.com\/business\/retail-consumer\/inditex-sells-russian-business-daher-group-2022-10-25\/\" target=\"_blank\" rel=\"noopener\">Reuters reported<\/a>.<\/p>\n<p>Inditex had made a \u20ac216 million provision for the wind down of the Russian business which it said \u201csubstantially covers the impact of the group\u2019s cessation of activity\u201d.<\/p>\n<p>Rival H&amp;M revealed in July that it would wind down its Russian business in July, while Ikea said in August it would liquidate its operations in the country.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Zara owner Inditex is the latest retailer to make their exit from Russia permanent after it agreed to sell its stores in Russia to UAE-based Daher Group.<\/p>\n","protected":false},"author":40,"featured_media":18037,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[323,3966,130],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/18964"}],"collection":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=18964"}],"version-history":[{"count":1,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/18964\/revisions"}],"predecessor-version":[{"id":18965,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/18964\/revisions\/18965"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/18037"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=18964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=18964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=18964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}