Report: Japan's Uniqlo to Exit Russia, Paving Way for Sale of Business

FILE PHOTO: A shopper looks on, inside a Fast Retailing's Uniqlo casual clothing store in Tokyo, Japan January 11, 2023. REUTERS/Issei Kato/File Photo
FILE PHOTO: A shopper looks on, inside a Fast Retailing's Uniqlo casual clothing store in Tokyo, Japan January 11, 2023. REUTERS/Issei Kato/File Photo
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Report: Japan's Uniqlo to Exit Russia, Paving Way for Sale of Business

FILE PHOTO: A shopper looks on, inside a Fast Retailing's Uniqlo casual clothing store in Tokyo, Japan January 11, 2023. REUTERS/Issei Kato/File Photo
FILE PHOTO: A shopper looks on, inside a Fast Retailing's Uniqlo casual clothing store in Tokyo, Japan January 11, 2023. REUTERS/Issei Kato/File Photo

Japanese brand Uniqlo has decided to leave Russia after suspending its operation there last year, paving the way for a sale of the business, the Izvestia newspaper cited Russia's deputy trade minister as saying.

Uniqlo owner Fast Retailing suspended the clothing brand's operations in Russia in March, 2022, joining scores of international companies, after Moscow sent troops into Ukraine in what it dubbed a "special military operation".

Deputy Minister of Industry and Trade Viktor Yevtukhov said the company has decided to completely leave Russia but has not yet submitted an application to the government, which means the chain has no buyer yet, Izvestia reported on Tuesday.

"I think they can offer potential buyers their business model," Izvestia cited Yevtukhov as saying. "The Japanese retailer will be able to offer ... lease agreements, popular points of sale with the good buyers traffic and equipment."

Fast Retailing said in a statement its operation in Russia remains suspended, adding some stores were closed with "no foreseeable prospects to resume operations."

The company will continue to monitor the situation closely and make decisions accordingly, the statement said.

Tadashi Yanai, the founder of Fast Retailing, told Japanese media earlier that Uniqlo was operating 50 stores in Russia.



Saudi Arabia, Kering Group Sign MoU to Elevate Fashion Sustainability in Kingdom

The Saudi Fashion Commission logo
The Saudi Fashion Commission logo
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Saudi Arabia, Kering Group Sign MoU to Elevate Fashion Sustainability in Kingdom

The Saudi Fashion Commission logo
The Saudi Fashion Commission logo

The Saudi Fashion Commission has signed a memorandum of understanding (MoU) with French-based Kering, one of the world’s most influential luxury fashion conglomerates, to engage in discussions that support the development and implementation of initiatives that align with Saudi Arabia’s broader goals for the fashion sector.

The signing ceremony, held in Riyadh, was attended by Saudi Fashion Commission CEO Burak Cakmak and Chief Sustainability and Institutional Affairs Officer at Kering Marie-Claire Daveu.

The MoU marks the beginning of a strategic alliance aimed at exploring collaborative efforts in several key areas of common interest. The two organizations will work together to establish Kering Generation Awards, which recognize and celebrate leading sustainable fashion businesses, including establishing award criteria, participant selection processes, and award recipient development.

Moreover, the collaboration features a Regional Sustainability Index, providing fashion enterprises with a roadmap to enhance sustainable practices.
The initiative also entails publishing joint reports on achievements, conducting awareness sessions, and aligning with key events in Saudi’s annual fashion calendar.

Leveraging Kering’s industry expertise, the two parties will focus on customer engagement, circular economy and water protection and aim to identify pioneering approaches to sustainable materials that can serve as industry standards.

This partnership underscores the Saudi Fashion Commission’s commitment to advancing sustainability across the fashion value chain. As a leader in sustainable luxury fashion, Kering brings a wealth of experience in managing eco-conscious initiatives, reinforcing the MoU’s potential to drive meaningful change in the region’s fashion landscape.

“We are delighted to partner with Kering, whose commitment to sustainability aligns with our mission to foster a forward-thinking, eco-conscious fashion ecosystem in Saudi Arabia. Together, we aim to set new standards for sustainability and innovation in the region,” said Cakmak.

As for Daveu, she said that the MoU presents a remarkable opportunity for the company to support the growth of sustainable fashion practices in Saudi Arabia.

“We look forward to collaborating on initiatives that will contribute to a more sustainable future for the fashion industry,” she added.

The MoU will be effective immediately for an initial term of one year, with an option for automatic renewal upon mutual agreement.
This partnership reflects the shared vision of the Saudi Fashion Commission and Kering to lead the region’s move toward a more sustainable and responsible fashion industry.