Russia’s deputy trade minister was cited as saying that Japanese retailer Uniqlo has made the decision to depart the country after stopping operations there last year. This opens the door for a company sale.
Fast Retailing, the company that owns Uniqlo, decided to stop doing business in Russia in March 2022 after Moscow launched soldiers into Ukraine for what it called a “special military operation.”
According to reports, the chain has yet to find a buyer since the corporation has decided to totally depart Russia but hasn’t yet applied to the Government. Deputy Minister of Industry and Trade Viktor Yevtukhov stated as much.
“I think they can offer potential buyers their business model,” Yevtukhov was cited as saying. “The Japanese retailer will be able to offer lease agreements, popular points of sale with the good buyers’ traffic and equipment.”
In a statement, Fast Retailing stated that its operations in Russia are still on hold and that certain outlets had been shut down with “no foreseeable prospects to resume operations.”
The corporation added in the statement that it will keep a close eye on the situation and take appropriate action.
Tadashi Yanai, the founder of Fast Retailing, told Japanese media earlier that Uniqlo was operating 50 stores in Russia.
