Sale of Inditex Stores in Russia to Emirati Buyer

The Russian government approved the sale of the Spanish company Inditex, transferring its Russian unit to a buyer based in the UAE, with some of its former stores set to reopen under a new brand in April and May. Inditex closed its stores in Russia (over 500 stores) following the invasion of Ukraine, but Inditex brands still exist in Russia due to limited import operations and online sales applications. The Russian Ministry of Industry and Trade stated: "The government committee overseeing foreign investment approved the sale of 100 percent of the shares of Novaya Moda, Inditex's Russian unit, on March 30." It added: "The buyer of Inditex's operations, including Zara stores, in Russia is Fashion and More Management, with an office in one of the friendly countries." The ministry further noted: "The price of the deal has not been disclosed. The Inditex group will transfer all its current retail locations in Russia to the new owners. The stores will reopen under new names."