×
76 751
Fashion Jobs
COTY
Director, Information Security
Permanent · New York
TIFFANY & CO
Branch Security Officer-San Jose
Permanent · Santa Clara
TIFFANY & CO
Branch Security Officer - dc City Center
Permanent · Washington
ESTÉE LAUDER
Keyholder - Cosmetic Company Store - 20 Hrs - Tanger Outlet Center - Deer Park,NY
Permanent · Deer Park
ESTÉE LAUDER
Area Manager- Keystone Day Shift
Permanent · Bristol
ESTÉE LAUDER
Keyholder - LA Mer - 20 Hrs. - Sugarloaf - Lawrenceville, GA
Permanent · Lawrenceville
NEIMAN MARCUS
Senior Manager, Retail Performance & Store Operations - Atlanta
Permanent · Atlanta
UNDER ARMOUR
Stock Keyholder, FT
Permanent · MEBANE
MICHAEL KORS
FT Sales Supervisor
Permanent · Wayne
THE REALREAL
Logistics Specialist
Permanent · New York
VF CORPORATION
The North Face: Senior Ecommerce Planner (Americas)
Permanent · Denver
MACY'S
Asset Protection Detective, West Covina - Full Time
Permanent · West Covina
MACY'S
Retail Fulfillment Associate, Modesto Vintage Fair - Full Time
Permanent · Modesto
MACY'S
Manager, Asset Protection
Permanent · Paramus
MACY'S
Asset Protection Detective, Mall Del Norte - Full Time
Permanent · Laredo
MACY'S
Asset Protection Security Guard, San Francisco Union Square - Full Time
Permanent · San Francisco
MACY'S
Asset Protection Detective, Roosevelt Field - Full Time
Permanent · Garden City
MACY'S
Retail Fulfillment Associate, Metro North Mall - Full Time
Permanent · Kansas City
MACY'S
Retail Fulfillment Associate, Mall of Louisiana - Full Time
Permanent · Baton Rouge
MACY'S
Asset Protection Detective, Boston - Flex
Permanent · Boston
LULULEMON
Visual Merchandising Specialist | Melrose
Permanent · West Hollywood
LULULEMON
Community Specialist | The Shoppes at Eastchase
Permanent · Montgomery
By
Europa Press
Translated by
Roberta HERRERA
Published
Oct 19, 2022
Reading time
2 minutes
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Inditex considers divesting Russian business, Zara could continue under new name

By
Europa Press
Translated by
Roberta HERRERA
Published
Oct 19, 2022

Inditex is considering the possibility of selling its business in Russia amid the war in Ukraine, although it could continue to operate in the country with Zara under a new name, while Massimo Dutti, Oysho and Zara Home would leave the Russian market altogether.


Zara


According to the Russian daily newspaper Kommersant, the company founded by Amancio Ortega is considering whether to hand over its Russian assets to partners in a "friendly" country, such as in Southeast Asia or the Persian Gulf.

Sources interviewed by the newspaper explained that the handover of Inditex's Russian business to its partners will take anywhere between six months and a year and added that Massimo Dutti, Oysho and Zara Home will leave the Russian market altogether, while the rest of the brands, including Zara, will open under new names and with new collections no earlier than spring 2023.

A similar scenario was previously played out last July by the Polish retailer LPP, with brands such as Reserved, Cropp, Mohito and Sinsay, which divested its shops in the Russian Federation to a company registered in the United Arab Emirates. At the same time, the fashion group's stores continued to operate, but under new names.

In March, days after the war began, Inditex decided to close its 502 shops in Russia, its second largest market after Spain, with more than 9,000 employees, and to suspend online sales in the country as a result of the Russian invasion of Ukraine. Of the 502 stores, 86 were Zara shops.
 
Russia accounts for around 8.5% of the group's global net operating income (EBIT). The profit before tax in the Russian market was €86 million in 2020 (€229 million in 2019), with sales accounting for around 5% of the total, or more than €1 billion.

Inditex stressed at the time that all its shops were operating on a rental basis, so the investment was not relevant from a financial point of view.

Copyright © 2023 Europa Press. Está expresamente prohibida la redistribución y la redifusión de todo o parte de los contenidos de esta web sin su previo y expreso consentimiento.