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Monday, 07 March 2022 16:21

Fast Retailing to continue operating in Russia despite concerns

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Fast Retailing Co., Asia’s largest retailer and parent of Uniqlo, will continue to operate in Russia even as international pressure to isolate the country for its invasion of Ukraine sees waves of companies pull out.

Tadashi Yanai, Chief Executive Officer, questions the trend that pressures companies to make political choices, The company also faces a French proble alongside a number of fashion brands.

Russia’s invasion of Ukraine has drawn international condemnation, sparked trade restrictions and financial penalties, and spurred an exodus of global companies. Fast Retailing’s bigger rival Inditex SA is temporarily closing 502 stores in Russia and suspending online sales. Apple Inc. and Nike Inc. have also closed stores, while carmakers including BMW AG and General Motors Co. have suspended vehicle deliveries.

The Japanese government has followed the line of the U.S. and much of Europe in imposing a raft of sanctions, including freezing the assets of a number of Russian officials and oligarchs, as well as those of financial institutions including Russia’s central bank.