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Uniqlo to exit Russia, sell business - media

STORY: Uniqlo has decided to exit Russia after suspending its operations there last year.

That’s according to the Izvestia newspaper, quoting the country’s deputy trade minister.

Uniqlo parent firm Fast Retailing suspended operations in Russia in March last year, after conflict began in Ukraine.

Now the report says the Japanese firm has firmly decided to leave, but hasn’t yet made an application to the government.

That means the chain has no buyer yet.

The trade minister reportedly said Uniqlo could potentially offer potential buyers its business model and attractive store locations.

Fast Retailing said in a statement that its outlets there remain suspended.

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It said some were closed with “no foreseeable prospects to resume operations”.

The company said it would continue to monitor the situation.

Boss Tadashi Yanai had earlier told media that Uniqlo was operating 50 stores in Russia.