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
![](https://www.theindianpanorama.news/wp-content/uploads/2020/12/10-Indian-Americans-in-Houston-honored-for-their-services-to-community-promoting-Hindu-culture-326x245.jpeg)
10 Indian Americans in Houston honored for their services to community, promoting Hindu culture
HOUSTON (TIP): Ten Indian American youths here have been honored for their services to the community and promoting Hindu culture. According to the Hindus of Greater Houston (HGH), a non-profit organization, Prime Minister Narendra Modi […]
![](https://www.theindianpanorama.news/wp-content/uploads/2017/09/Bangaleshi-Refugee.png)
India rushes relief materials for Rohingya refugees in Bangladesh
NEW DELHI (TIP): India on Thursday rushed 53 tonnes of relief materials to Bangladesh and pledged all help to Dhaka in tackling the humanitarian crisis after nearly 400,000 Rohingya Muslim refugees fled to the country from Myanmar following the ethnic violence in the Buddhist-majority […]
![](https://www.theindianpanorama.news/wp-content/uploads/2023/01/Antidepressants-326x245.jpg)
Antidepressants may cause ‘emotional blunting’: Study
Common antidepressants can cause many users to feel emotionally ‘blunted’, according to a study that offers new insights into how the drugs work and their possible side-effects. The research, published on Monday in the journal […]
Be the first to comment