Fast Retailing ‘coy’ on Russia exit rumours

Fast Retailing, the owner of brands including Uniqlo and Gu, says it has “closed some stores” in Russia with “no foreseeable prospects to resume operations”, after rumours surfaced it is looking to sell its Russia business and exit the country entirely.

Uniqlo store. Image credit: Shutterstock.

Fast Retailing temporarily suspended operations in Russia in March 2022.

The decision followed social media backlash after it said it would keep stores open in Russia despite global peers including NIKE and Puma moving to suspend operations following Russia’s invasion of Ukraine.

At the time Fast Retailing said while it was originally planning to continue running the Uniqlo business in Russia, it has become clear that it can no longer proceed due to a “number of difficulties” and therefore, it has decided to temporarily suspend its operations from 10 March.

Media speculation this morning (24 May) said Fast Retailing has decided to leave Russia, paving the way for a sale of the business. According to Japanese media citing Fast Retailing founder, Tadashi Yanai, Uniqlo was operating 50 stores in Russia.

In an email to Just Style, a spokesperson for Fast Retailing said: “In March 2022, Fast Retailing temporarily suspended operations in Russia, and that status remains unchanged. With no foreseeable prospects to resume operations, the company has closed some stores.

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In March Fast Retailing was reportedly weighing an exit from Myanmar removing partners from the country off its list of garment and processing factories. Production of jackets and shirts for Gu, another of its brands, had been carried out in Myanmar.

And earlier this month, it became the latest signatory to the Pakistan Accord.