British clothing-to-food retailer Marks and Spencer has closed its operations in Russia following the country's invasion of Ukraine.
The brand’s exit, plus disruption to M&S operations in Ukraine run also by franchisee Fiba, is costing the British company £31 million ($39 million). Its exit from Russia comes after Marks and Spencer last year shut more than half its stores in France as Brexit affected supplies of fresh and chilled products.
Ahead, M&S pointed to "difficult and unpredictable headwinds" owing to ongoing fallout from the pandemic in addition to geopolitical and economic uncertainties. The company said a cost-of-living crisis caused by soaring inflation may hit the brand’s sales growth.
