Uniqlo owner Fast Retailing will keep its stores open in Russia, joining a small group of international firms that have remained in the country even as dozens of big brands have halted operations or left because of Ukraine’s invasion.
“Clothing is a necessity of life. The people of Russia have the same right to live as we do”, said the CEO of the Japanese textile company, Yanai Tadashiaccording to emailed statements published first by Nikkei and later by Bloomberg News.
Political pressure on companies to stop doing business in Russia is mounting, while sweeping sanctions affecting everything from global payment systems to a host of high-tech products complicate operations.
Container routes to and from Russia have been suspended by major carriers and by many Western companies, including Nike Inc, Swedish home furnishings retailer IKEA and British energy giants. BP and shell they have closed shops or announced plans to leave Russia.
On Sunday, the streaming giant Netflixtwo of the world’s four largest accounting firms –KPMG and PriceWaterhouseCoopers LLP (PwC)- and the credit card company American Express cut their ties with Russia.
French yogurt maker danonewhich makes about 6% of its sales in Russia and Ukrainesaid on Sunday that it was suspending its investments in Russia and that one of its two factories closed in Ukraine.
McDonald’s Corp. and PepsiCo Inc are among the companies still operating in Russia, prompting the New York state pension fund – a shareholder of both – to urge them to consider discontinuing operations there.
the video app TikTokThe Chinese-owned company said on Sunday it will suspend live broadcasts and recording uploads to its platform in Russia as it reviews the implications of a new media law signed by President Vladimir Putin on Friday.
“We have no choice but to suspend live broadcasts and new content on our video service while we review the security implications of this law.”, said the social media company in a series of messages on Twitter.
Source: Gestion
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