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Nike to fully exit Russia following Ukraine invasion

US sportswear giant Nike is the latest fashion company to completely cut ties with Russia. Nike will fully exit the Russian market three months after suspending operations there, the company told Reuters Thursday. It is the latest in a spate of Western brands to cut ties with Russia following its invasion of Ukraine. Rivals Adidas and Reebok...

24 Jun 2022

Retail

Mango to franchise Russian stores to local partners

Spanish retailer Mango has announced plans to franchise its stores in Russia to local partners. It comes after the company said in March it would temporarily cease its operations in Russia following the country’s invasion of Ukraine. Since then, 55 company-owned stores and its online platform in Russia have been inactive. Mango said in a...

20 Jun 2022

Fashion Featured

Russian shoppers are turning to grey markets to buy fashion and luxury

Russian consumers are turning to grey markets for their shopping needs after sanctions have made access to local fashion and luxury labels difficult, if not impossible. Like China’s daigou – personal shoppers who buy luxury goods abroad and resell them at home with a small markup but do so avoiding the hefty tariffs – a new breed of personal...

16 Jun 2022

Fashion

Harrods to limit sales of luxury to Russian consumers

It has not been a good week for Russian shoppers. After the announcement that McDonald’s was withdrawing from the Russian Federation, Harrods has reportedly informed its Russian clients it can no longer sell high priced luxury goods in the wake of Russia’s invasion in Ukraine. Several news outlets have stated that limited sales to Russia’s high...

18 May 2022

Business

Nike cuts ties with Russian football team

Nike has confirmed it has ended its long-term sponsorship deal with Russian Premier League team, Spartak Moscow. The sportswear giant has been a sponsor of the football club since 2005. The decision follows an announcement by the Union of European Football Associations (UEFA) to ban the Russian national team from its competitions amid the...

16 May 2022

Business

CNMI to offer 150 jobs to Ukrainian refugees

Camera Nazionale della Moda Italiana (CNMI), which is responsible for the promotion and coordination of the Italian fashion industry, has announced the launch of a humanitarian project that looks to aid in the integration of Ukrainian refugees. Members of the CNMI have agreed to offer a collective total of 150 jobs to Ukrainian refugees, with...

15 Apr 2022

BusinessFeatured

Mothercare expects FY EBITDA to be ahead of forecast

Mothercare said it expects its EBITDA for the year just ended to be ahead of previous forecasts, but warned that the closure of its Russian stores will impact the business going forward. In its pre-close trading update for the year ended March 26, the British maternity and babywear specialist reported net worldwide sales of 385 million pounds,...

11 Apr 2022

FairsFeatured

Pure London owner Hyve Group to sell Russian business

British trade fair operator Hyve said Wednesday it plans to sell its Russian business following the country’s invasion of Ukraine. The group, which runs fairs Pure London, Moda and Scoop, said it has entered into a conditional agreement with Rise Expo Limited to sell the business for a maximum cash consideration of 72 million pounds, wholly...

6 Apr 2022

Fashion Featured

Chanel prohibits sales to Russian clients unless they live abroad

French luxury house Chanel is to stop selling its handbags and collections to Russians, stating it will only sell to Russian citizens who live abroad. With mounting pressure on luxury brands to support Russian sanctions after the country’s invasion of neighbouring Ukraine, some global Chanel boutiques have refused to sell to Russians who are...

5 Apr 2022

BusinessFeatured

Companies graded on Ukraine response by Yale researchers

Western companies have faced many pressures to take a stance since the Russian invasion of Ukraine began in February. One such pressure has come from the existence of a now viral list, compiled by researchers at the Yale School of Management in Connecticut, which tracks the status of companies’ operations in Russia using public sources such as...

1 Apr 2022

RetailFeatured

Decathlon pauses operations in Russia after a month of war

Despite a month’s worth of pressure, French sportswear retailer Decathlon only just halted operations in Russia this week, citing challenging supply conditions due to international sanctions over the war in Ukraine. The company, which is the largest sporting goods retailer in the world, is owned by the billionaire French retail moguls, the...

1 Apr 2022

Fashion

Ukraine's fashion designers sewing garments for the army

Ukraine’s fashion designers are supporting their country’s efforts to stave off the Russian invasion by outfitting the country’s army. Ukraine’s army, which is composed mostly of male citizens who are by law required to stay and fight if they are in good health, are being dressed by designers who have swapped ready-to-wear for sewing garments...

1 Apr 2022