Monday, 4 July, 2022

British retailer Marks and Spencer exits Russia

LONDON: 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, reports AFP.

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.