The Japanese clothing retailer Uniqlo has terminated all lease agreements for premises for its stores in Russia, Vedomosti writes.
Lease agreements were terminated with the payment of penalties, the consulting company CORE.XP told the publication, all staff were fired with 11 salaries each, and Japanese managers were transferred to other countries.
After the start of the Russian invasion of Ukraine, Uniqlo closed its stores, but paid salaries to employees for another year and kept an office in Russia. Now the Russian legal entity of the retailer has ceased any activity.
Former Russian partners of Uniqlo told Vedomosti that the Japanese retailer does not plan to liquidate the Russian legal entity, probably hoping to resume business someday. However, they believe it will be difficult to return to the Russian market, since the brand’s premises have already been transferred to other companies, and the company itself has lost the confidence of the owners of shopping centers and will not be able to receive preferential lease terms.
On the site of Uniqlo stores in Moscow, retail outlets of Lime, Gloria Jeans and Just Clothes brands (a new Lady & Gentleman City project) have opened.
Experts note that Uniqlo has unique production technologies that allow to reduce the cost of goods, despite the use of natural expensive materials. To take the place of Uniqlo in terms of technologies and prices, experts point out, until neither the Russian nor any other company succeeds.
2023-08-22 05:59:00
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