Inditex selling Zara stores in Spain as online purchasing takes off
London/Madrid — Inditex, the world’s biggest clothing retailer, is looking for a buyer for 16 Zara stores in Iberia as online purchasing takes off in Spain. Inditex, owned and founded by Amancio Ortega, the world’s fourth-richest man, is seeking ¤400m ($472m) for the stores in a 20-year sale-and-leaseback agreement that would give the buyer the right to vacate the properties after five years, according to a person with knowledge of the matter. Fourteen of the units are in Spain and two in Portugal, the person said, asking not to be identified because the deal is private. An Inditex official confirmed the potential sale and said it’s part of a strategy to homogenise its leasing strategy. Almost all its stores are operated through leases, the official added. The representative did not confirm the offer price. Inditex, whose ¤11.7bn in first-half revenue was boosted by an increase in internet sales, is betting Spain will catch up with the rest of Europe in online purchasing. Last year,...
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