Report: Mexx to leave Russian market in late July

MOSCOW, Jul 11 (PRIME) -- Mexx will completely leave the Russian market soon by closing its last store in the country in late July, business daily Vedomosti reported Tuesday citing Denis Bogatyryov, CEO of BNS Group, which develops Mexx and other brands on the Russian market.

The company’s last store operating in the Zolotoi Vavilon shopping mall will close on July 31, an employee of the store said.

In October 2016, Turkey’s Eroglu Holding, the owner of Mexx, decided not to release a 2017 collection, as the business turned to be non-profitable, as stated by Bogatyryov. At that time, BNS Group managed around 30 Mexx stores, but part of them had already been closed – the chain’s sales fell around 15% in 2016.

Eroglu purchased Mexx in January 2015 for 21 million euros, Vedomosti said. The company currently has 500 Mexx stores, but their location is not indicated on the company’s Web site.

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