PARIS — The Russian government has approved Zara parent company Inditex’s bid to sell its business to UAE-based Daher Group.
Inditex shuttered its 514 stores within the country in February 2022, following the Russian invasion of Ukraine. The corporate announced its intent to transfer 245 stores to Daher Group last October, pending the approval of the country’s commission on foreign investments. Businesses from Western countries Russia deems “unfriendly” must receive the approval of the commission to sell their operations there.
Daher created Fashion and More Management DMCC was created for the transaction. UAE is deemed a “friendly country,” which was key to the deal.
The deal was approved by the commission March 30, and announced Wednesday by Russia’s deputy minister of industry and...
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