Marks & Spencer, a British clothing-to-food retailer, announced his full withdrawal from Russia after the country’s invasion of Ukraine on Wednesday.
After stopping shipments to Russia in early March, M&S said it had decided to “completely exit” its Russian franchise, which is run by the Turkish conglomerate Fiba Group.
The British company will have to spend 31 million pounds ($ 39 million, 36 million euros) to exit, and to disrupt Ukraine’s M&S operations run by the franchise Fiba.
“Unfortunately, our Ukrainian business has also been partially shut down as a result of the war, and we are working with our partners to reopen as much as possible,” the company added in a statement.
An M&S spokesman confirmed to AFP that the group’s “brand would no longer be used in Russia”.
Brexit’s departure from Russia comes after M&S closed more than half of its stores in France last year, affecting supplies of fresh and cold goods.
M&S said on Wednesday it had charged 3 10.3 million after the French jolt.
It blamed the move on “supply chain complications” following Britain’s formal exit from the European Union in early 2021.
M&S added on Wednesday that the group returned to a 12-month profit in its last fiscal year or early April.
It has been boosted by strong online sales in the UK and abroad.
On the front, the M&S points to “tough and unpredictable headwinds” due to geopolitical and economic uncertainty as well as the ongoing decline from the epidemic.
The agency said the crisis in the cost of living due to rising inflation will have an impact on sales growth.
The update also marks the end of Steve Roy’s tenure as chief executive.
The group has already announced that it will step down after six years, paving the way for a new joint CEO team of current M&S executives Stuart Machin and Katie Bickerstaff.
(Except for the title, this story was not edited by NDTV staff and was published from a syndicated feed.)