MADRID, 25 Oct. (EUROPA PRESS) -

Inditex has reached an initial agreement for the sale of its business in the Russian Federation to the Daher group, which has significant holdings in the distribution and real estate sectors.

The terms of this operation, subject to prior administrative authorisation, will allow the preservation of a substantial part of the jobs held by the Inditex Group in Russia, by including the transfer of most of the premises occupied until now by its stores, as reported by this Tuesday the group, which does not reveal the amount of the transaction.

Subject to agreement with the owners, these premises will house the future points of sale of brands owned by the purchasing group, totally unrelated to Inditex.

The transaction will mean the cessation of Inditex's operations in the Russian Federation after the suspension of its commercial activity on March 5.

In the event that new circumstances arise in the future that, in Inditex's opinion, would allow the Group's brands to return to this market, Inditex and the Daher group contemplate in their agreement the possibility of a collaboration between the two through of a franchise agreement.

Inditex estimates that the provision recorded in the financial statements in the first half of 2022 substantially covers the impact of the Group's cessation of activity in the Russian Federation.