INSUBCONTINENT EXCLUSIVE:
Spanish fashion retailer Inditex said Tuesday would sell its stores in Russia, seven months after the Zara owner halted its operations in
the country following the invasion of Ukraine.The Spanish fashion giant said it had reached an "initial agreement" to sell its business in
Russia to Daher group, which has business interests in retail and real estate, it said in a statement."The transaction will mean the
franchise agreement."Inditex decided in March to shut its 502 stores and stopped online sales in Russia, one of its biggest markets after
operations in Russia after its invasion in Ukraine, including Inditex's main rival H-M.At the time Inditex said it would give its
workforce of more than 9,000 people a special support plan.The company said Tuesday that the sale of its business in Russia would enable the
preservation of a "substantial number" of jobs through the transfer of leases, which will pass to brands owned by Daher.A well-informed
source who was not authorized to speak publicly told AFP that the United Arab Emirates-based Daher group is Inditex's franchisee in the
profit of 1.8 billion euros in the first six months of 2022, a 41% increase from the same period last year.Inditex said the opening of new
stores and rising online sales helped offset the closures in Russia.It set aside 216 million euros in provisions in the first quarter to
