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October 30, 2022 12:15 PM EDT
“Inditex has reached an initial agreement for the sale of its business in the Russian Federation to Daher group… The terms of the transaction, subject to government approval, will enable the preservation of a substantial number of jobs generated by Inditex Group in Russia, as it includes the transfer of most of the lease contracts related to stores,” Inditex said in a statement published on its website on Tuesday.
Sources say that Daher Group already owns the rights to franchise Zara and Massimo Dutti for the Middle East.
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