Home Latest Ukraine crisis | British retailer Marks and Spencer exits Russia – Moneycontrol

Ukraine crisis | British retailer Marks and Spencer exits Russia – Moneycontrol

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British clothing-to-food retailer Marks and Spencer on Wednesday announced a full exit from Russia following the country’s invasion of Ukraine.
After halting product shipments to Russia at the start of March, Marks and Spencer said it had decided “to fully exit” its Russian franchise run by Turkish conglomerate Fiba Group.
The exit, plus disruption to M&S operations in Ukraine run also by franchisee Fiba, is costing the British company £31 million ($39 million, 36 million euros).
“Unfortunately, our Ukrainian business has also been partially closed as a result of war impacts, and we are working with our partner to reopen as and when possible,” the company added in a statement.
An M&S spokeswoman confirmed to AFP that the group’s “brand will no longer be used in Russia”.
Its exit from Russia comes also after Marks and Spencer last year shut more than half its stores in France as Brexit affected supplies of fresh and chilled products.
M&S on Wednesday said it had taken a charge of £10.3 million following the French shakeup.
It had blamed the move on “supply chain complexities” following Britain’s formal exit from the European Union at the start of 2021.
M&S on Wednesday added that the group swung back into profit during its last financial year, or 12 months to the start of April.
It was heavily boosted by strong sales online in Britain and abroad.
Ahead, M&S pointed to “difficult and unpredictable headwinds” owing to ongoing fallout from the pandemic in addition to geopolitical and economic uncertainties.
The company said a cost-of-living crisis caused by soaring inflation would hit sales growth.
The update also marked the end of Steve Rowe’s time as chief executive.

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Manoj is the senior writer and responsible for managing Political and Social Issues related news on The Hoops News. He is very passionate about the social developments and always looking around to use them in an innovative way in daily life. He also reviews Gadgets & Applications to tell users about their optimum use to get the most out of in which they’ve put their time and hard earned money.