The first two of the 55 shops Mango was directly operating in Russia will be transferred this week to local partners, the Spanish company said in a statement on Monday.
Companies such as McDonald’s, Renault, and Enel have written down hundreds of millions of dollars in losses as they sell assets at cut prices. “Given the uncertainty regarding the evolution of the geopolitical situation and to guarantee continuity for its 800 employees in the country, Mango will cease to operate directly in Russia,” the company said.
With Mango leaving Russia, local associates will have to purchase the company’s products in Spain or through intermediaries reselling them in their stores.
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