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The boss of clothes retailer Uniqlo’s mother or father firm defended the choice to proceed retailer operations in Russia this week as many different companies exit the nation in protest of the Kremlin’s escalating invasion of Ukraine.
Fast Retailing CEO Tadashi Yanai mentioned he’s towards the struggle and urged each nation to oppose the battle, however he added his firm will nonetheless proceed gross sales in Russia as a result of they’re are a fundamental service to strange folks.
Uniqlo operates about 50 shops in Russia.
“Clothing is a necessity of life,” Yanai mentioned in remarks first reported by Nikkei. “The people of Russia have the same right to live as we do.”
Fast Retailing has taken steps to assist Ukrainians affected by the invasion, donating $10 million to the United Nations’ Refugee Agency. The Uniqlo mother or father additionally donated clothes to be distributed to Ukrainian refugees.
The firm’s determination to remain energetic in Russia got here as many retailers depart the area — with most condemning Russia’s unprovoked aggression or citing logistical issues on account of sanctions that arose from the battle.
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On Saturday, Inditex, the mother or father firm of clothes retailer Zara, mentioned it might briefly shut all of its roughly 500 shops in Russia and shutter its on-line gross sales operation within the nation.
“In the current circumstances Inditex cannot guarantee the continuity of the operations and commercial conditions in the Russian Federation and temporarily suspends its activity,” the corporate mentioned in a press release.
H&M, Nike and Apple are amongst different corporations which have halted operations in Russia through the invasion.
The shuttering of standard companies is simply one other signal of mounting financial stress on Russia, whose foreign money has cratered because of the sanctions.
Last week, The Post reported that Russian consumers packed Ikea shops after the furnishings retailer mentioned it might shut shops on account of operational issues.
