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Uniqlo Owner Among The Few Mncs To Stay Back In Russia


07/03/2022


Uniqlo Owner Among The Few Mncs To Stay Back In Russia
Fast Retailing, which owns Uniqlo, will continue to have its business and its stores open in Russia, joining a tiny group of multinational companies that have remained in the country despite hundreds of huge brands suspending business or exiting due to Russia's invasion of Ukraine.
 
"Clothing is a necessity of life. The people of Russia have the same right to live as we do," the Japanese apparel retailer's CEO Tadashi Yanai said in remarks first reported by Nikkei, adding that every country should oppose the war.
 
Companies are coming under increasing political pressure to stop doing business in Russia, while broad sanctions impacting everything from global payment networks to a variety of high-tech items have hampered operations.
 
Large shippers have ceased container lines to and from Russia, and several Western corporations, including Nike Inc., Ikea, and British energy giants BP and Shell, have shut down or announced intentions to leave the country.
 
Netflix, three of the Big Four accountancy companies KPMG, EY, and PricewaterhouseCoopers LLP, as well as credit card corporation American Express, severed connections with Russia on Sunday.
 
Danone, a French yogurt company that produces around 6 per cent of its sales in Russia and Ukraine, announced on Sunday that it was suspending investment in Russia and that one of its two operations in Ukraine had shuttered.
 
McDonald's Corp and PepsiCo Inc are among the firms that are still operating in Russia, leading the New York state pension fund, which is a stakeholder in both, to ask them to consider stopping operations there.
 
After fighting interrupted weekend evacuation operations and civilian deaths increased, Russia announced on Monday it would pause fire and provide humanitarian corridors in key Ukrainian cities.
 
Russia refers to its campaign, which began on February 24, as a "special military operation." It has denied striking residential areas and has stated that it has no intention of occupying Ukraine.
 
According to a Fast Retailing spokeswoman, the company's supply chain and logistics in Russia have had no discernible impact. They claimed last week that the corporation had no intentions to close any of its 49 outlets in the nation.
 
TikTok, a Chinese-owned video app, announced on Sunday that it will cease live-streaming and video uploads to its platform in Russia while it considers the consequences of President Vladimir Putin's new media law, which was signed on Friday.
 
"We have no choice but to suspend live streaming and new content to our video service while we review the safety implications of this law," the social media company said in a series of Twitter posts. It said in-app messaging would not be affected by the decision.
 
Russia’s war in Ukraine has been severely condemned by many companies while they announced the suspension of their businesses activities in the country.
 
"In light of Russia's ongoing, unjustified attack on the people of Ukraine, American Express is suspending all operations in Russia," it said on its website.
 
"Given the circumstances on the ground, we have decided to suspend our service in Russia," a Netflix spokesperson said.
 
(Source:www.fxempire.com)