Mar 10 (Nikkei) - Uniqlo owner Fast Retailing Co and Japan Tobacco Inc on Thursday said they would suspend operations in Russia, in a U-turn by the Japanese consumer giants which had indicated they would stay in the market after Moscow's invasion of Ukraine.
The two companies were notable stand outs among major brands, saying they would continue doing business in Russia amid the imposition of massive trade and banking sanctions.
Japan Tobacco, which controls about one-third of Russia's tobacco market through brands including Winston and Camel, said its subsidiary there would suspend investment, marketing activities and a planned launch of a heated tobacco product.
Earlier in the week, Uniqlo bucked the trend among multinational corporations to suspend operations in the country due to growing political pressure as well as supply chain issues resulting from Western sanctions.
"Clothing is a necessity of life," Yanai told Nikkei last week. "The people of Russia have the same right to live as we do."
Fast Retailing is assisting humanitarian efforts to help Ukraine. It is donating $10 million to the U.N. High Commissioner for Refugees. The company also will ship 200,000 items of clothing including blankets, underwear and jackets to Ukrainian refugees in Poland and elsewhere through the UNHCR. ...continue reading
Source: ANNnewsCH
