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Stockmann Oyj Abp and Inditex SA End Franchising Cooperation in Finland; Stockmann Sells Z-Fashion Finland Oy to Inditex


Wednesday, 30 Jan 2013 01:00am EST 

Stockmann Oyj Abp announced that Stockmann and Inditex SA, the owner of the Zara store concept, have agreed to end the franchising cooperation in Finland as of March 1, 2013. Stockmann is currently operating four Zara franchising stores in Finland. The stores will be transferred to Inditex through a sale of Stockmann's subsidiary Z-Fashion Finland Oy that is responsible for the franchising business. All the current Zara stores and their personnel of approximately 180 employees continue as part of Z-Fashion Finland, under the Inditex Group. Revenue of Z-Fashion Finland totaled EUR 22 million in 2012. The franchising co-operation started in 2002 and the cumulative operating profit for Stockmann is slightly positive. The purchase price covers the net assets of Z-Fashion Finland in the balance sheet. 

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