Inditex Temporarily Closes Franchise-operated Stores in Algeria

NEW YORK - NOVEMBER 29: People wait for Zara to open its doors for its Black Friday sale on November 29, 2024 in New York City. David Dee Delgado/Getty Images/AFP
NEW YORK - NOVEMBER 29: People wait for Zara to open its doors for its Black Friday sale on November 29, 2024 in New York City. David Dee Delgado/Getty Images/AFP
TT

Inditex Temporarily Closes Franchise-operated Stores in Algeria

NEW YORK - NOVEMBER 29: People wait for Zara to open its doors for its Black Friday sale on November 29, 2024 in New York City. David Dee Delgado/Getty Images/AFP
NEW YORK - NOVEMBER 29: People wait for Zara to open its doors for its Black Friday sale on November 29, 2024 in New York City. David Dee Delgado/Getty Images/AFP

Spain's Inditex has temporarily closed its franchise-operated stores in Algeria though it is not considering ceasing operations in the country, a company source told Reuters on Thursday.

The company behind Zara and other brands, which according to its latest annual report has 20 stores in Algeria, has at other times temporarily closed shops in countries such as Ukraine and Israel.

Inditex said the closures in Algeria are in response to operational problems that have made it difficult to renew stock in stores, without indicating how many are closed and when they would reopen.
Spanish online news website El Confidencial, which first published the information about store closures in Algeria, mentioned videos circulating on social networks showing stores with a sign that read: "Temporary closure."

The world's biggest listed fast-fashion company earlier this year reopened Zara stores in Ukraine and relaunched online sales, as well as resuming operations in Venezuela under a franchise agreement.
The United Arab Emirates-based Daher Group, the Inditex partner that operates the company's brands in Algeria and other countries in Africa and the Middle East, did not immediately respond to a request for comment.



Kering Reaches $860 Mln Paris Real Estate Deal with Ardian

The logo of fashion house Gucci is seen outside a store in Cannes, France, May 16, 2024. (Reuters)
The logo of fashion house Gucci is seen outside a store in Cannes, France, May 16, 2024. (Reuters)
TT

Kering Reaches $860 Mln Paris Real Estate Deal with Ardian

The logo of fashion house Gucci is seen outside a store in Cannes, France, May 16, 2024. (Reuters)
The logo of fashion house Gucci is seen outside a store in Cannes, France, May 16, 2024. (Reuters)

Gucci owner Kering has transferred three of its Paris real estate assets to a new joint venture with French private equity firm Ardian, freeing up 837 million euros ($860.27 million) in proceeds, the company announced on Wednesday.

The portfolio of the new entity, in which Kering will keep a 40% stake, includes a building on place Vendome, famous for its jewellery boutiques, and two others on avenue Montaigne, one of Paris's main high-end shopping streets.

The transaction is part of Kering's broader real estate strategy, aimed at securing control of high-profile retail locations while also raising cash.

The company - which also owns fashion labels Saint Laurent, Balenciaga and Bottega Veneta - issued a hefty profit warning in October. It is due to report full-year results on Feb. 11.