Izvestia: Almost a third of foreign retailers left Russia
Of the foreign retailers that have rented space in Russian malls, almost a third (27 percent) have decided to stop their operations in Russia, consulting firm CORE.XP calculated. According to “Izvestia” suspended the work of 51 percent of foreign brands, and 22 percent are now restructuring.
Companies that have announced their departure include H&M Group (operates COS, Monki, Weekday, & Other Stories, H&M home, Arket and others), Nike, Starbucks, Victoria’s Secret, Lush, Lego. Among the brands that are currently restructuring are McDonald’s (Tasty and Point), Levi’s (JNS), L’Occitane (L’Occitane).
Also on the list of suspended companies were Inditex, Jo Malone, Decathlon, Adidas, Puma, Hugo Boss, Swarovski. Most of the brands that have suspended their activities (70 percent) are the fashion segment.
July 18 H&M announced about winding up business in Russia amid problems with doing business and an unstable political situation. At the same time, H&M Group CEO Helena Helmersson thanked the Russian employees for their work.