Japanese Uniqlo Plans to Exit Russia

The Russian daily newspaper "Izvestia" reported that Russian Deputy Minister of Trade Viktor Yevtukov stated that "the Japanese brand Uniqlo has decided to exit Russia after suspending its operations last year, paving the way for the sale of its business." Fast Retailing, the owner of the Uniqlo clothing brand, suspended its operations in Russia in March 2022, joining dozens of global companies that took a stance against Russia following its invasion of Ukraine. Yevtukov indicated that "the company has decided to fully leave Russia, but has not yet submitted a request to the government, meaning there is currently no buyer for the chain."