Support The Moscow Times!

British Retailer New Look Leaves Russia

British fashion retailer New Look said Tuesday that it would leave both Russia and Ukraine due to "political uncertainty," the Financial Times reported.

"All retailers are having an extremely tough time in Russia, not just in clothing," the FT quoted CEO Anders Kristiansen as saying. The retailer had in August put plans for expansion in Russia on ice as the standoff over Ukraine spiraled into Western sanctions and a retaliatory ban by Russia on select food imports.

New Look is now planning to focus on expanding operations in China instead, Kristiansen said. "If that means we will not be present in the Russian market for the next one to two years, we don't really have a problem with that," he added.

The political crisis and Russia's economic slowdown have already hit several foreign retailers' plans for Russia and forced some, such as Empik Media & Fashion, to close down entire chains.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more