29.1 C
Tuesday, August 16, 2022

Film Academy Apologizes to Littlefeather for 1973 Oscars

https://ift.tt/utx5QLI 50 years after Sacheen Littlefeather stood...

California Pop-Up Clinics Offer Vaccinations Against Monkeypox

https://ift.tt/tmWdByG an effort to boost monkeypox vaccination rates,...

US Defense Chief Tests Positive for COVID

https://ift.tt/IxPq3Di. Defense Secretary Lloyd Austin said Monday...

Tally of major brands who quit Russia revealed

Nearly 30% of foreign brands have exited the Russian retail market, media say

Nearly a third of foreign retailers have left Russia following Western sanctions over the conflict in Ukraine, Russian daily Izvestia reported on Thursday.

A total of 27% of companies that leased premises in shopping centers decided to terminate their activities in Russia, consulting company CORE.XP (formerly CBRE) told Izvestia. A further 51% of foreign brands suspended business operations and 22% are undergoing restructuring.

Among those who announced their departure are H&M Group (which operates COS, Monki, Weekday, & Other Stories, H&M home, Arket and other brands), Nike, Starbucks, Victoria’s Secret, Lush and Lego. Among the brands currently undergoing restructuring are Levi’s (JNS), and L’Occitane (Л’Окситан), Izvestia says.

The list of companies that have suspended operations includes Inditex (Zara, Massimo Dutti and others), MAC, Jo Malone, Decathlon, Adidas, Puma, Hugo Boss and Swarovski.

Read more

International firms count losses from Russia exit

According to Izvestia, some retailers that stayed have reported a 40% increase in revenues.

Russia’s trade ministry says that the majority of foreign companies are interested in resuming their activities as soon as possible and are working through various options. According to Izvestia, Chinese, Turkish and Iranian companies are negotiating their entry into the Russian retail market, while domestic brands are also increasing their presence.

For more stories on economy & finance visit RT’s business section

https://ift.tt/VEAPglf 04, 2022 at 03:30PM
from RT – Daily news

Support Us

Secured by Paypal

Related Stories

Check out other tags:

Most Popular Articles