The Japanese Uniqlo has decided to exit the Russian market and sell the local business, reported the Ministry of Industry and Commerce. However, the company does not yet have a potential buyer of assets in Russia, because it has not submitted an application for the deal to the government commission. In May, Uniqlo closed most of its stores in the country.
The Japanese clothing retailer Uniqlo has decided to finally leave the Russian market and sell its assets in Russia. This was reported to Izvestiya by the Deputy Head of the Ministry of Industry and Trade Viktor Evtukhov.
The official said Uniqlo could sell its business in a similar way to how McDonald’s did, offering leases, shopping centers and equipment.
Uniqlo has yet to submit an application for the deal to the government commission, meaning the company does not yet have a potential buyer for the Russian assets, Yevtukhov said.
The Japanese retailer has decided to close most of its stores in Russia in May this year. In February, news broke of Uniqlo’s plans to exit the Russian market.
Kommersant previously reported that the Lime store will take the place of the first Uniqlo store in the Russian Federation at the Atrium shopping center in Moscow. Gloria Jeans will open at AFI Mall, where previously the Japanese brand also had a point of sale.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
