Zara Parent sells Russian real estate; Van crashes into Chanel again

Sell stores: Zara's parent company, Inditex, will sell its Russian business, after closing its doors seven months ago.

In a filing with Spanish regulators after market close, Inditex said it had reached an initial agreement with the Daher group to take over its stores there.

"The Daher Group has significant interests in the retail and real estate sector ", the company said in a statement. . "The terms of the transaction, subject to government approval, will preserve a substantial number of jobs generated by Inditex Group in Russia, as it includes the transfer of most store-related leases."< /p> Related Galleries

Financial terms were not disclosed.

Before stores closed at the start of the war in Ukraine, Inditex operated 502 stores in Russia, including 86 Zara doors. It is also the parent company of Bershka, Massimo Dutti, Oysho, Pull&Bear and Stradivarius.

The properties will no longer house Inditex-branded stores, he added. “Subject to the agreement of the lessors, these premises will house brand stores owned by the acquiring group, unrelated to Inditex. The transaction will mean the end of Inditex's activities in the Russian Federation. »

However, Inditex said the deal with Daher leaves the door open, should the circumstances in Russia are changing, to reopen stores under a "potential collaboration through a franchise agreement".

In September results, Inditex hit an all-time high with sales up 24, 5% in the first half of 2022, while profits increased by 41%. Gross margin increased 57.9%, marking the strongest first half in seven years, despite shutdowns in Russia.

Before closing its operations, Russia accounted for about 10% of its global sales. The company recorded an impairment of €216 million related to store closures in the first half.

"Inditex believes that the provision included in the first half 2022 financial statements sufficiently covers the impact of the termination of the Group's business activities in the Russian Federation,” the company added.—RHONDA RICHFORD

Chanel targeted: For the second time in three months, thieves drove a van through the front of a Chanel store near Beverly Hills, California during a burglary.

The incident at 125 North Robertson Boulevard was reported at 2:53 a.m. Tuesday when a Mercedes- Benz van, believed to be stolen, crashed into the front grill and window of the store. An armed security guard at the scene confronted the suspects and then informed authorities of the incident, Det. Bernard Romero of the Los Angeles Police Department.

"Once the suspects saw the guard, they fled the scene," Romero said . "If he hadn't been there, they would have taken more."

The suspects left the van behind, which was confiscated by the police department, said the LAPD Det. Dean Larkin.

Hours after the burglary, including...