The American company Gap will close all stores in Russia, the brand was not popular in the country, Izvestia found out. The sale of the business is not expected.
The retailer struggled with business in the country even before February 2022, says Magic Group president Alexander Peremyatov.
For Russian buyers, the exit of the brand will not be a problem, since the brand was not popular in the Russian Federation, he believes. Peremyatov also added that the sale of the business is not expected.
The information about the upcoming closure of stores was also confirmed by Dmitry Tomilin, CEO of the Eterna consultancy.
In March, Gap, along with others and several other foreign companies, announced that it would suspend the supply of goods to Russia. Reuters later wrote that the retailer continues to import products into the country. A Gap representative then explained: Orders are formed several months in advance, so the last order was received by the Russian partners in April.
Currently, 11 stores are open in the Russian Federation, 10 of which are located in Moscow and one more in St. Petersburg.
In October it was learned that the Lebanese company Daher Group would buy the Russian business from Inditex. Inditex owns the Zara, Bershka, Stradivarius brands, which closed their stores in Russia in the spring. Zara will open under the name New Fashion.
Author:
Natalia Gormaleva
Source: RB
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