Zara, Pull & Bear and Massimo Dutti, owned by Inditex, ceased operations last spring. The retailer explained the decision by its “failure to guarantee the continuity of activities and trading conditions” in the Russian market. We wrote earlier that Zara will open under a different name this spring. One of the experts reported that “it will be a completely different store, differing first and foremost in the collection.” But Massimo Dutti does not intend to return, so he will still have to pay for the closure of his flagship store in Moscow.
The decision of the Ninth Court of Appeals for collections from retailer Massimo Dutti remained the same. The brand will have to pay a debt of 140 million rubles to rent premises in the building on Kuznetsky Most. His decision was published on January 31. Thus, the court’s decision entered into force.
Last summer, we wrote that Kommersant journalists learned that foreign brands could lose up to $800 million if they were to exit the market altogether.
Source: People Talk
Mary Crossley is an author at “The Fashion Vibes”. She is a seasoned journalist who is dedicated to delivering the latest news to her readers. With a keen sense of what’s important, Mary covers a wide range of topics, from politics to lifestyle and everything in between.
