British 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, Marks and Spencer 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 ($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 Marks and Spencer 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 following the French shakeup.
Related Articles
Deepika Padukone is only Indian among world’s 10 most beautiful women
In a recent survey conducted by Dr. Julian De Silva, Deepika Padukone is the only Indian to have made it to the list of top 10 most beautiful women. The scientific method, referred to as […]
Landmark Act: Himachal women get landholding right like men
In a commendable act, the Sukhvinder Singh Sukhu-led Congress government on April 4 set right a decades-old wrong through an amendment to an outdated landholding law that discriminates against women. Till now, in grave violation […]
Be the first to comment