Fashion Brands Suspends Sales In Russia

Spanish retail giant, Inditex, has 527 stores in Russia. These include Zara (86 stores), Pull & Bear (87), Massimo Dutti (53), Bershka (106) and Stradivarius (76) among others.

For every action there is a reaction and this hold truth for Russia which has gone against many countries wish and has attacked Ukraine. In an attempt to express outrage towards recent invasions on Ukraine the fashion industry and global retail chains have halted their sales in Russia as of now.

Deeply concerned about the tragic developments in Ukraine and to stand with all the people who are suffering H&M Group has paused sales in Russia. The move comes despite Russia being H&M’s sixth-biggest market, accounting for about 4% of group sales in the last quarter of 2021. H&M had 155 stores in Russia as of 2020. H&M online launched in Russia in 2015.

Danish fashion retailer BESTSELLER also announced a halt to all clothing sales in Russia amid the country’s ongoing invasion of Ukraine. Bestseller’s move comes on the back of an exodus of companies from Russia, which reverses three decades of investment by Western businesses there since the collapse of the Soviet Union.

Other apparel retailers with a significant Russian presence include Nike (116 stores), Asos, Hungarianbased clothing brand Nanushka.

Against the backdrop of the continuing war, Asos has decided that it is neither practical nor right to continue to trade in Russia and has, therefore, today suspended our sales there. Our thoughts are with the people of Ukraine and all those affected in the region.”

Fast fashion giant Boohoo has suspended its sales in Russia and closed its websites in the country following the military invasion of Ukraine.

Swedish furniture giant Ikea is also temporarily suspending its business in Russia due to the o-going war in Ukraine. The company confirmed that it will pause all retail operations in the country and will also stop all exports and imports in and out of both Russia and Belarus.

Luxury fashion retailer Burberry has halted shipments to Russia until further notice due to “operational challenges,” according to a spokesman.

The business has two stores and one concession in Russia, which have remained open for now.

Spanish retail giant, Inditex, has 527 stores in Russia. These include Zara (86 stores), Pull & Bear (87), Massimo Dutti (53), Bershka (106) and Stradivarius (76) among others. n

Russia is India’s 25th largest trading partner, with exports of $2.5 billion and imports of $6.9 billion in the first nine months of FY2022. While the bilateral trade with Ukraine stands at $2.3 billion so far this fiscal

INDIA EXPORTS TO UKRAINE IN 2020

Other made textile articles, sets, worn clothing-

$740.40K

Articles of apparel, not knit or crocheted-

$537.94K

Articles of apparel, knit or crocheted-

$491.50K

STATASTICS

India Exports to Russia in 2020 Articles of apparel, not knit or crocheted:

$30.35M

Articles of apparel, knit or crocheted:

$27.18M

36%

Raw Material

7%

Orders

4%

Payment

54%

Supply Chain

Which areas of Apparel and fashion Industry Will Suffer because of UKRAINE-RUSSIA WAR?

A poll done by TEAM PERFECT SOURCING