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Spanish fashion group Inditex is reportedly considering divesting its Russian business amid the war in Ukraine.
According to reports from Russian newspaper Kommersant, Inditex-owned brands Massimo Dutti, Oysho and Zara Home could leave the Russian market altogether while Zara would continue under a new name.
Sources told the outlet that the handover of Inditex’ Russian business could take between six months to a year and that Zara would continue under a new name with new collections no earlier than Spring 2023.
Inditex closed its 502 shops in Russia in March after the invasion of Ukraine, also suspending online sales. Russia accounts for around 8.5% of the group’s global net operating income.
Source: Fashion Network