Monday, May 19, 2025
spot_img
spot_img
HomeFashion & RetailBritish Retailer Marks And Spencer Announces Exit From Russia

British Retailer Marks And Spencer Announces Exit From Russia

spot_img

After halting product shipments to Russia at the start of March, M&S said it had decided “to fully exit” its Russian franchise.

marksandspencer1884_logo-svgBritish clothing-to-food retailer Marks and Spencer on Wednesday announced a full exit from Russia following the country’s invasion of Ukraine.  After halting product shipments to Russia at the start of March, M&S said it had decided “to fully exit” its Russian franchise run by Turkish conglomerate Fiba Group.

The exit, plus disruption to M&S operations in Ukraine run also by franchisee Fiba, is costing the British company 31 million pounds ($39 million, 36 million euros). “Unfortunately, our Ukrainian business has also been partially closed as a result of war impacts, and we are working with our partner to reopen as and when possible,” the company added in a statement.

An M&S spokeswoman confirmed to AFP that the group’s “brand will no longer be used in Russia”. Its exit from Russia comes also after M&S last year shut more than half its stores in France as Brexit affected supplies of fresh and chilled products.

M&S on Wednesday said it had taken a charge of 10.3 million pounds following the French shakeup. It had blamed the move on “supply chain complexities” following Britain’s formal exit from the European Union at the start of 2021.

M&S on Wednesday added that the group swung back into profit during its last financial year, or 12 months to the start of April. It was heavily boosted by strong sales online in Britain and abroad.

Ahead, M&S pointed to “difficult and unpredictable headwinds” owing to ongoing fallout from the pandemic in addition to geopolitical and economic uncertainties. The company said a cost-of-living crisis caused by soaring inflation would hit sales growth.

The update also marked the end of Steve Rowe’s time as chief executive. The group had already announced that he would step down after six years, making way for a new joint CEO team of current M&S executives Stuart Machin and Katie Bickerstaffe.

YOU MAY ALSO LIKE
spot_img

Join Our Weekly Newsletter

- Advertisement - spot_img

Upcoming Events

 

Simillar News

Recent Random

18th Bangladesh Denim Expo to Prepare Sector for Post-LDC Period

12th May 2025, Dhaka, Bangladesh: Industry people at the 18th Bangladesh Denim Expo think that the country will continue to be an indispensable global...

High-level Danish Delegation Visits Bangladeshi Factory

A high-level delegation from Denmark visited Suad Garments Industries Limited, a concern of Shin Shin Group, located at the Narayanganj Export Processing Zone (EPZ) yesterday. The delegation...

Two debut zones at Intertextile Shenzhen showcase quality apparel textile suppliers in South China’s fashion scene

Two debut zones at Intertextile Shenzhen showcase quality apparel textile suppliers in South China’s fashion scene Shenzhen, 13 May 2025. One of South China's leading...