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HomeLatest NewsZara stores will open in Russia under the new name Maag

Zara stores will open in Russia under the new name Maag

Date: May 31, 2023 Time: 17:00:04

The Daher Group, which became the new owner of the Russian part of the business of Spanish group Inditex, will open stores under its own brand this spring. Kommersant writes about this, citing sources on the market.

The store in the Moscow shopping center “Aviapark” will be the first to open. It will be called Maag. There will be women’s, men’s and children’s clothing. It is reported that at some future points there will be an assortment of collections created by Inditex commissioned by the Daher Group.

The Inditex group stores had some of the best locations (502 points worked in Russia before the suspension of work). Following its departure, Daher Group has an opportunity to gain a foothold in the Russian market, but the company will face declining purchasing power, rising logistics costs and competition from parallel imports.

Let us remember that the net profit of the Spanish company Inditex, owner of the Zara, Pull & Bear, Massimo Dutti, Bershka, Stradivarius and Oysho brands, grew by 24% in the year. It amounted to 3,095 million euros. The company notes that in the third quarter it received a loss of 14 million euros in connection with the withdrawal from Russia. For the same reason, a loss of 216 million euros was recorded in the first quarter.

Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.

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