Fast-fashion giant Inditex to transfer its Russian business

MADRID (AP) — Zara owner Inditex has reached an agreement to sell its Russian business to a Lebanese retail and real estate conglomerate. The buyer is Daher Group and the potential purchase is pending approval from Russian authorities, Inditex has said without disclosing financial details. Inditex halted its business in Russia shortly after Russian President Vladimir Putin ordered the invasion of Ukraine. The retailer said it would consider returning through a franchise collaboration with Daher if circumstances in the market changed. The sale agreement includes the transfer of most of the lease contracts of its 502 stores in Russia.