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A worker decorates the shop window of Inditex's main brand Zara in a shopping mall in Majadahonda, near Madrid, Spain, May 23, 2018. Picture taken on May 23, 2018. REUTERS/Sergio Perez
Azadea Group, the Middle East operator of retail stores Zara and Virgin Megastore, has delayed its IPO plans to focus on its business operations, according to a Bloomberg report.
The decision to delay the listing is not a result of the market volatility that saw global markets lose trillions in the aftermath of the US-led tariffs, the news report stated, citing people familiar with the development.
Sources told Bloomberg, the Beirut-headquartered company was considering expansion into new markets in the Middle East and further developing its existing operations before moving ahead with an IPO.
Founded in 1978, the lifestyle retail company owns and operates more than 40 international franchise concepts across the Middle East and Africa, according to its website, with more than 700 stores spread across 14 countries including the UAE, Saudi Arabia, Qatar, Oman, Kuwait, Egypt and Lebanon.
(Writing by Bindu Rai, editing by Seban Scaria)
