Zara-owner Inditex to sell all businesses in Russia

Spanish fashion retailer Inditex said Tuesday it would sell its business in Russia, seven months after the Zara-owner halted its operations in the country following the invasion of Ukraine. "Inditex has reached an initial agreement for the sale of its business in the Russian Federation to Daher group, which has prominent interests in the retail and real estate industry," Inditex said in a statement. "The terms of the transaction, subject to government approval, will enable the preservation of a substantial number of jobs generated by Inditex Group in Russia, as it includes the transfer of most of the lease contracts related to stores," it added.