As it has published Five Days, the closure of its market in Russia due to the existing armed conflict has generated the first negative "signs" in Inditex. As the newspaper specialised in economic information indicates, the textile giant recorded in the 2022 financial year an impairment of 2,211 million euros on the value of the investments it held in its seven Russian subsidiaries. In addition, there are the 231 million euros that Inditex provisioned due to the stoppage of its activity in Russia and Ukraine. In the latter, the Spanish textile giant is still maintaining the salaries of the 1,400 employees of its 79 shops.
Although, as the media outlet points out, these impairments do not have an impact on the consolidated accounts, it is true that at the close of the 2021 financial year, prior to the outbreak of the war, the investment in the Russian subsidiary of Massimo Dutti was valued at 483 million and has deteriorated to 100%, leaving its value at zero
Last October, Inditex announced that the Daher group of the United Arab Emirates would take over the Inditex stores in Russia that were closed in March 2023: "once the sale agreement is completed, the transferred stores will house points of sale of brands owned by the Daher group, totally unrelated to the Inditex group", they explained during the press conference to present the results. Óscar Garcia Maceiras, Inditex's CEO, indicated that the exit from the Russian market is in the final phase of negotiation. Once the agreement is made official, Inditex will transfer 245 of the 514 shops it had in Russia. Once it do official the agreement, Inditex traspasará 245 shops of the 514 that had in Russia. As it advances 'Digital Economy Galicia', the group Daher has chosen already the new denominations with which will begin to operate the network of 245 shops that purchased to Inditex the past autumn.
With reference to the provisions for the shutdown of its activity, as, elindependiente.com, 231 million euros was the final cost that Inditex had to assume when it stopped its activity in both countries. This cost is reflected in the items dedicated to personnel and leasing costs, depreciation and write-offs of non-common assets.