Inditex has reached an agreement with the Finnish retailing Group Stockmann to acquire its 100% stake in Zara Russia. The purchase price is Eur 41.5 million minus debt. This Company is currently in charge of operating the Zara chain of stores in Russia under the franchise agreement subscribed between Inditex and Stockmann. The final agreement is expected to be reached by May 31st, 2006, subject to the approval of the Russian Antitrust Authorities and further to the usual due diligence process. Zara has at present six outlets in Russia, all of them in the Moscow area and seven more are expected in 2006. Expansion will continue both in Moscow and in the rest of Russia, which is seen as a high potential market.
Mr. Isla, Deputy Chairman and CEO of Inditex, has expressed his satisfaction at having reached the agreement and has declared that "these are arguably, very good news, that will allow the Group, not only to increase Zara’s expansion, with the launching of seven new stores in 2006, but also to accelerate the pace of the other formats of the Group in Russia through this new subsidiary."
Inditex began operating in Russia in 2003, through a franchise agreement subscribed with Stockmann, the first European retailer to enter the Russian market. Stockmann is also Zara’s franchisee in Finland. After the opening in February 2003 of the first Zara store at Mega Mall in Moscow, the chain has launched two new stores in 2004 and three in 2005, among them a flagship store located in Tverskaia Street, central Moscow, which opened in June 2005.
Inditex began operating in Russia in 2003, through a franchise agreement subscribed with Stockmann, the first European retailer to enter the Russian market. Stockmann is also Zara’s franchisee in Finland. After the opening in February 2003 of the first Zara store at Mega Mall in Moscow, the chain has launched two new stores in 2004 and three in 2005, among them a flagship store located in Tverskaia Street, central Moscow, which opened in June 2005.
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The founder of Zara, Amancio Ortega, opened the first Zara store in 1975 in a central street in downtown A Coruña, Galicia, Spain.
Its first store featured low-priced lookalike products of popular, higher-end clothing fashions. The store proved to be a success, and Ortega started opening more Zara stores in Spain. During the 1980s, Ortega started changing the design, manufacturing and distribution process to reduce lead times and react to new trends in a quicker way, in what he called "instant fashions". The company based its improvements in the use of information technologies and using groups of designers instead of individuals.
In 1980, the company started its international expansion through Porto, Portugal. In 1989 they entered the United States and in 1990 France.
This international expansion was increased in the 1990s, with Mexico (1992), Greece (1993), Belgium and Sweden (1994), etc. until the current presence in over 73 countries.
Zara stores are company-owned, except where local legislation forbids foreigner-owned businesses. In those cases, Zara franchises the stores.
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