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Report: Spanish apparel brand Mango to stop direct sales in Russia

MOSCOW, Jun 20 (PRIME) -- Spanish mass-market apparel producer Mango has decided to cease direct sales in Russia over the situation in Ukraine, El Pais newspaper reported on June 19 citing sources with the company.

УMango has decided to finally cease direct sales in Russia after 23 years of presence on the market because of Сinternational geopolitical uncertaintyТ,Ф the newspaper reported.

The company will transfer to the local partners its 55 stores, which will become franchisees, and will keep jobs for 800 employees. Two debut stores will be transferred next week, and 22 more stores later in June and in July.

The company suspended operations in Russia, including online sales, in March.

According to the newspaper, Mango prepared 20 million euros of reserves to cover the consequences of the exit from Russia.

End

20.06.2022 10:18
 
 
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