Uniqlo terminates store leases and closes business in Russia

Uniqlo, a Japanese company known for its fashionable clothing, is terminating the lease of premises for all its stores in Russia. This news was confirmed by the owners of the shopping centers where Uniqlo stores used to be located.

Uniqlo's Russian business, represented by Uniklo Rus LLC, was owned by Fast Retailing (75%) and Mitsubishi Corporation (25%). According to Vedomosti, the decision to refuse to lease the premises was made.

Instead of Uniqlo stores, other stores appeared at some locations, such as the Lime boutique, which replaced Uniqlo near Kursk railway station in the Atrium complex. Uniqlo locations in other shopping centers, such as Afimall City, European "European," "Fort Otradnoe, and on Novy Arbat, are now leased by Gloria Jeans. Also, a new project of Lady & Gentleman City - Just Clothes - opened its stores in the former Uniqlo stores in Aviapark, Aviapark, Megas, and "Megas in Khimki, and Teple Stan.

This decision came after Uniqlo temporarily suspended its operations in Russia in March last year. Based on the results of the company's latest financial statements, it announced the "complete closure of the business" in Russia. As a result of this closure, the company's sales more than halved, from 26.9 billion rubles to 12 billion rubles, and instead of a profit of 4.1 billion rubles a year ago, Uniqlo recorded a loss of 10.7 billion rubles.

According to Fast Retailing Group, at the beginning of 2022, there were 49 stores under the Uniqlo brand in Russia.