Uniqlo to stay in Russia amid mass corporate exodus  

Uniqlo to stay in Russia amid mass corporate exodus  

As you know, there is a mass corporate exodus among companies from Russia. Some are leaving because of a new Russian law that punishes those seen to be spreading “fake news” about the country’s military or calling for sanctions. Others are leaving because they think it’s the right thing to do.

But one household name is staying – Japanese clothing company, Uniqlo.

“Clothing is a necessity of life,” said CEO Tadashi Yanai to Nikkei last week. “The people of Russia have the same right to live as we do.” He clarified that, while he’s against war, all 50 Uniqlo stores in Russia will keep operating.

However, other companies aren’t on the same page. For example, Inditex, the parent firm of clothing retailer ZARA, will close its 500 stores in the country and stop selling online in Russia. “In the current circumstances, Inditex cannot guarantee the continuity of the operations and commercial conditions in the Russian Federation and temporarily suspends its activity," the company wrote in a statement to Reuters.

You drive the stories at TMS. DM us which headline you want us to explain, or email us.