BERLIN, Jun 9 German sportswear and accessories manufacturer Adidas AG has avoided a direct answer to the question of a possible return to the Russian market by selling its assets in Russia Lebanese Daher Group, emphasizing the need for «support for employees and partners» in the Russian Federation.
«In October, we announced the termination of our activities in Russia. The process of closing our business continues. Responsible implementation of measures and support for employees and partners affected by this decision is a priority for Adidas,» the company's press service said when asked if it intends to Adidas, by reselling its Russian subsidiary, will return as a brand to the Russian market.
Earlier, a source in the market said that the Lebanese Daher Group is negotiating the purchase of stores of the German brand Adidas in Russia, while there are no opening dates yet.
The German manufacturer of sportswear and accessories Adidas AG in March last year suspended its work in Russia and temporarily closed retail stores. In October, the company decided to finally curtail business in the country. And in May 2022, the Kommersant newspaper, citing sources in the industry, reported that Adidas was considering transferring Russian assets to a foreign investor.
At the time, Evgeniya Khakberdieva, regional director of the retail real estate department of NF Group, said that it would be difficult to replace Adidas in Russia, since there is a shortage of sports brands and goods in the country. According to her, the possible transfer of assets will be a plus both for the company itself and for the market.
In October last year, the Spanish group Inditex, which owns the Zara brand, announced that it had reached an initial agreement to sell its Russian division of the Daher Group. Later it became known that the subcommittee of the government commission for the control of foreign investment in the Russian Federation approved a deal to sell 100% of the shares of New Fashion JSC, and the Fashion And More Management DMCC company with an office in one of the friendly countries became the buyers of the Inditex business in Russia. However, her connection with the Lebanese Daher Group was not specified.
Daher Group is a Lebanese private holding group with assets in four countries across six different industries. The holding was founded in 2018. The company owns, for example, the Alwa Group, an online retailer representing global fashion and accessory brands.