Images and Article from www.businessoffashion.com.
In spite of a vow from Fast Retailing founder and chief executive Tadashi Yanai days ago that the company’s leading fast fashion brand would stay open for business in Russia, Uniqlo is now suspending operations in the country.
“[I]t has become clear to us that we can no longer proceed due to a number of difficulties,” Fast Retailing said in a statement.
Until today, the Japanese clothing giant had been a lonely voice maintaining its intention to continue operating its 50 stores in the Russian market, as a wave of fashion brands, including fast fashion rivals H&M and Zara, shut up shop.
“Clothing is a necessity of life. The people of Russia have the same right to live as we do,” Yanai was quoted as saying by Japan’s Nikkei newspaper earlier this week.
The comments prompted a negative response from many users on social media and Ukraine’s ambassador to Japan, Sergiy Korsunsky, criticised the retailer on Twitter.
In its statement today regarding the decision to suspend operations, Fast Retailing pointed to a $10 million donation it made last week to UNHCR and reiterated that making everyday clothing available to Russian consumers has been part of its “mission” that will need to halt for now due to “operational challenges and the worsening of the conflict situation.”
Learn more:
Uniqlo Pressured to Halt Russia Sales After CEO Vows to Stay
Uniqlo owner Fast Retailing Co. faces mounting pressure over its plans to keep operating stores in Russia, even as other global retailers pause sales in the country over President Vladimir Putin’s invasion of Ukraine.
Article shared from www.businessoffashion.com
