. Companies often insert buyback clauses that could one day see them return.
Russia’s industry and trade ministry said the government commission that monitors foreign investment had approved the sale of 100% of shares in Novaya Moda, Inditex’s Russian unit, on March 30. “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 register of companies on January 25. Its license 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.”