May 24, 2010 Japanese brand Uniqlo has decided to leave Russia, opening the way for commercial sales last year, Izvestia reported, quoting Russia’s deputy trade minister.
Uniqlo owner Quick Retail (9983.T) In March 2022, the clothing brand joined several international companies in suspending its operations in Russia, following what Moscow called a “special military operation” in Ukraine.
Deputy Minister of Industry and Trade Viktor Yevtukhov said that the company has decided to leave Russia completely, but has not yet submitted an application to the government, which means that the chain does not yet have a buyer, Izvestia reported on Tuesday.
“I think they can present their business model to buyers,” Izvestia quoted Evtukhov. “The Japanese retailer … is able to provide lease agreements, popular sales locations with good buyer traffic and equipment.”
Fast Retailer did not immediately respond to a Reuters request for comment.
Fast Retailer founder Tadashi Yanai previously told Japanese media that Uniqlo is operating 50 stores in Russia.
Reporting by Lydia Kelly and Rocky Swift; Editing by Muralikumar Anatharaman
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