Russia
This coverage examines the activities, strategies, and challenges of retailers operating in or withdrawing from the Russian market, with a focus on commercial and operational impact. Reporting includes corporate decisions regarding market presence, supply chain adjustments, leadership statements, and financial implications — providing retail professionals with context on how geopolitical factors influence retail operations and strategy in the UK.
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Jun- 2022 -6 JuneClothing & Shoes
Asos lines up commercial officer for CEO role
Asos is reportedly set to name José Antonio Ramos Calamonte as its new CEO following the departure of Nick Beighton from the role last year. Ramos Calamonte, the current chief commercial officer at Asos, is now said to be the frontrunner for the role, according to The Sunday Times. The…
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May- 2022 -26 MayHigh Street
Nike to consider exiting Russia after not renewing main franchise deal
Nike is reportedly considering exiting Russia permanently after not renewing its franchise agreement. According to reports first revealed by The Vedomosti Daily, the news comes after the sports giant didn’t renew its agreement with Inventive Retail Group, which owns Russia’s largest chain of retail stores. IRG president Tikhon Smykov reportedly…
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25 MayDepartment Stores
Marks and Spencer warns of profit squeeze as it exits Russia
Marks and Spencer (M&S) has revealed it expects its profits to flatline in the upcoming financial year as the rising cost of living coupled with increased costs are expected to impact its trading. It comes as it also announced its decision to permanently exit Russia after temporarily suspending trading in…
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20 MayNews
Sainsbury’s to remove Russian diesel from petrol stations
Sainsbury’s has pledged to stop selling Russian diesel from its petrol stations by the end of 2022, following calls from its customers, according to the Evening Standard. The supermarket confirmed the commitment on Thursday (19 May) to halt respective sales across its 315 petrol forecourts, in line with the UK’s…
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17 MayNews
McDonald’s to permanently exit Russia after 30 years
McDonald’s Corporation has announced it will permanently exit the Russian market after more than 30 years of operations in the country, and it has initiated a process to sell its Russian business. McDonald’s said the humanitarian crisis caused by the war in Ukraine, and the precipitating unpredictable operating environment, had…
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12 MayClothing & Shoes
Hotter Shoes boosts Unbound Group’s Q1
The Unbound Group, which owns a stable of brands aimed at the 55+ demographic, has hailed a strong performance from its footwear brand Hotter Shoes for its Q1 period ending 4 February. The retail group said Hotter delivered a double-digit increase in revenue against the comparator period last year as…
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5 MayNews
BoE raises interest rates to highest level since 2009
The bank of England (BoE) has raised interest rates to its highest level since 2009 – marking the fourth time it has taken action since December. The new rate of 1%, up from 0.75%, is the BoE’s latest attempt to curb the rampant rise in inflation – also at its…
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Apr- 2022 -27 AprilHigh Street
Coca Cola Q1 revenues hit £8.37bn
The Coca-Cola Company has reported its revenues surged 16% to $10.5bn (£8.37bn) in the three months ended 1 April 2022 (Q1 FY22), with 18% growth in organic revenues. Operating income also grew 25%, which included a six-point currency headwind, driven by “strong” organic revenue (non-GAAP) growth across all operating segments,…
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19 AprilClothing & Shoes
Brunello Cucinelli sees revenues rise 16.7% in Q1
Brunello Cucinelli has announced its net revenues have risen 16.7% at constant exchange rates to €196.9m (£163.1m) in Q1 2022 compared to the first quarter of 2021. Compared to Q1 2019, the year preceding the start of the pandemic, growth is +22.8%, with the fashion retailer outlining “significant” double-digit increases…
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12 AprilClothing & Shoes
Asos swings to loss and predicts further £14m hit from Russia exit
Asos has revealed its pre-tax profits fell 115% year-on-year from £106.4m to a pre-tax loss of £15.8m in the six months to 28 February 2022 (H1 FY21). The company also said it is expected to take a further £14m hit following its decision to suspend sales in Russia, with revenue…
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