The Russian Mall Union is reportedly in negotiations with retailers from Turkey, China, India and Brazil to open new stores in malls across the country, replacing European brands that have recently closed stores.
Until recently, Western brands took up 34% of leasable space in Moscow’s major malls, according to data from retail analytics firm Focus. Retailers like Inditex, H&M, LVMH, Kering, Richemont and Chanel have all suspended business in the Russian market in recent weeks, following Russia’s invasion of Ukraine.
Turkey already has fashion chains active in the Russian market, including street fashion players LC Waikiki, which operates 40 stores in Russia and has announced plans to open 10 more, as well as Koton and the Mavi denim, which have several stores. across Russia and are represented on such e-commerce platforms as Wildberries, Lamoda and Ozon. High-end brand Zeynep Arcay has also been mooted as a possible new entrant into the Russian market.
Uniqlo backtracks and suspends operations in Russia
The decision comes as the company in the face of public pressure to halt operations in the country, as a wave of retailers, including fast fashion rivals H&M and Zara, shut up shop.