Japan’s Uniqlo to exit Russia, paving way for sale of business: Media report
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Uniqlo owner Fast Retailing suspended the clothing brand’s operations in Russia in 2022, joining scores of international companies.
PHOTO: REUTERS
MOSCOW – Japanese brand Uniqlo has decided to leave Russia after suspending its operations there in 2022, paving the way for a sale of the business, the Izvestia newspaper cited Russia’s deputy trade minister as saying.
Uniqlo owner Fast Retailing suspended the clothing brand’s operations in Russia in March 2022, joining scores of international companies in doing so, after Moscow sent troops into Ukraine in what it dubbed a “special military operation”.
Deputy Minister of Industry and Trade Viktor Yevtukhov said the company has decided to completely leave Russia but has not yet submitted an application to the government, which means the chain has no buyer yet, Izvestia reported on Tuesday.
“I think they can offer potential buyers their business model,” Izvestia cited Mr Yevtukhov as saying. “The Japanese retailer will be able to offer... lease agreements, popular points of sale with the good buyers, traffic and equipment.”
Fast Retailing said in a statement that its operations in Russia remain suspended, adding that some stores were closed with “no foreseeable prospects to resume operations”.
The company will continue to monitor the situation closely and make decisions accordingly, the statement said.
Fast Retailing founder Tadashi Yanai told the Japanese media earlier that Uniqlo had 50 stores in Russia. REUTERS
