Inditex, the Spanish fashion conglomerate and owner of the Zara brand, has confirmed plans to resume its retail operations in Venezuela, according to a Reuters report. 

The company intends to reopen a Zara store in Caracas during the first half of 2024, following a three-year break from the South American market.  

Inditex closed all stores in the country after signing a revised agreement with its local partner Phoenix World Trade in 2021.  

The group's operations will now be managed by its franchisee in Venezuela, currently known as Grupo Futura. Inditex also owns brands such as Bershka and Pull & Bear. 

Futura will recommence Zara's commercial activities by opening a shop in the Sambil shopping centre in Caracas. 

Reuters quoted a source as saying: "The opening is expected to take place before the end of the first half of 2024."  

Grupo Futura has been assisting Inditex in navigating Venezuela's complex regulatory environment since 2007, particularly during the presidency of Hugo Chavez.  

The company will now continue to support Inditex in re-establishing its presence in the market.

Inditex's previous local partner, owned by businessman Camilo Ibrahim, managed the operation of stores in major Venezuelan cities and ran stores for US brands including Timberland. 

In 2023, Zara's stores in Argentina were franchised to the Panama-based Regency Group after 25 years of direct management.  

The Regency Group operates stores in five other South American markets: Colombia, Peru, Panama, Ecuador and Paraguay.