Even as global retail brands like Zara, H&M, Mango, Nike and IKEA exit from Russia, few Indian retailers plan to foray into this market with new shops there. Home furnishing retailer Maspar and fashion brand Killer Jeans are exploring franchise opportunities in Russia while four Indian brands have signed initial agreements with Russian firms. Another six are expected to join soon, says Susil Dungarwal, Founder, Beyond Squarefeet Advisory. Each of these brands will sign business deals of no less than $1 million with Russian firms.
Around 8-10 Russian franchisee operators plan to visit India in the first week of May to meet potential Indian partners and to check their factories, offices and stores, adds Dungarwal. Hundreds of franchisee stores lost business as international brands made a hasty exit amid US and western sanctions against Russia. The master franchisee of Calvin Klein lost business as the brand exited from eh country, he adds.
