Mexx set to exit Russian market in late July

London - Dutch fashion retailer Mexx is set to exit the Russian market by the end of the month.

Mexx aims to shut down its last store in the country by late July, located in shopping centre Zolotoi Vavilon, according to Denis Bogatyrev, the general director of BNS Group, which oversees Mexx's wholly-owned and franchise stores in the country. Speaking to business daily Vedomosti, Bogatyrev recalls that Mexx new owner, Turkish company Eroglu Holding, decided not to continue with its business in Russia after they realized some errors in their calculations and the business turn out to be unprofitable.

The fashion retailer's sales fell approximately 15 percent in 2016. Eroglu Holding, which took over Mexx in March 2015 for 21 million euros, decided not to release its upcoming 2017 collections in Russia last October and began closing it's 30 some stores at the time, added Bogatyrev. The Dutch fashion retailer is said to have struggled with its brand positioning in the country and was unable to win over younger consumers.