UNIQLO halted operations in Russia
Japanese manufacturer and retailer Uniqlo has temporarily suspended business pursuits in Russia and criticized its invasion of Ukraine.
Uniqlo owner Fast Retailing Co. and Japan Tobacco Inc. bowed to public pressure days after Fast Retailing founder Tadashi Yanai said the chain would stay, stating 'clothing is a necessity of life.'
Fast Retailing's assertion on staying in Russia had provoked a repercussion from some Uniqlo patrons, who are supporters of the clothing company but contradicted the company's geopolitical stance.
In the thick of mounting pressure, the fashion company has suspended business operations in Russia, joining a growing list of international companies in reducing their activities in the country after its invasion of neighboring Ukraine.
Yanai expressed that Russia's warfare against Ukraine comes at a time when the company is pursuing to expand its presence in Europe and lessen the company's reliance on Japan, where its population is getting older.
Prominent businesses across virtually every enterprise are suspending operations in Russia to cripple the country financially. Those corporations that persist in engaging with Russia risk harming their reputations.back