The terms of the transaction will allow the preservation of a substantial number of jobs generated by the INDITEX group in Russia by including the transfer of the premises occupied by its shops in that country. Subject to agreement with their owners, these premises will house the shops of brands owned by the acquiring group, not related to INDITEX.
The transaction entails the cessation of INDITEX’s operations in the Russian Federation following the suspension of its commercial activities on 5 March 2022. Prior to the suspension, INDITEX operated around 502 shops in the Russian Federation (of which 86 were Zara stores), in addition to the online shop. If, in the future, INDITEX considers that the new circumstances allow the return of the group’s brands to this market, INDITEX and the Daher Group have the option of a potential collaboration through a franchise agreement.
INDITEX is one of the world’s largest fashion retailers, with more than 5,815 shops worldwide.
Pinsent Masons Madrid office Corporate team consisted of Diego Lozano, Antonio Sánchez Montero and Rafael Durán Frías.