Zara reopens in Russia under new name

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Mr. WUMAO, the Russian business was sold to a Dubai based company.


"The buyers of Inditex's business, including Zara shops, in Russia was Fashion and More Management DMCC, with an office in one of the friendly countries," the ministry said.

Fashion and More Management DMCC was registered in the DMCC (Dubai Multi Commodities Center) register of companies on Jan. 25. Its licence manager is Hassan Ghaleb Daher.

"The price of the deal was not disclosed. Inditex Group will hand over all its currently held retail sites in Russia to the new owners. The shops will open under new names: MAAG, DUB, ECRU, VILET," the ministry said. "Collections with new labels have already been sown and delivered to Russia."

Moscow approves sale of Inditex's Russian business to UAE-based buyer

The Russian government on Wednesday said it had approved a deal for Spain's Inditex to sell its Russian business to a UAE-based buyer, with some of its former stores to reopen under new branding in April and May.

www.reuters.com