Finnish retailer Stockmann is selling it's subsidiary's full share in the Spanish company Zara to the brand's owner Inditex for EUR41.5m (US$50.4m).

The subsidiary, ZAO Stockmann-Krasnoselskaya, owns a share of the Zara business in Russia, but will now focus on its own Russia expansion.

Inditex will take over all six Zara stores in Moscow as part of the deal, which is subject to the approval by the Russian Anti-monopoly Committee, on 31 May 2006.

The purchase price includes company debt, but the agreement does not effect Stockmann's Zara franchising business in Finland, where the company currently operates four stores.