Russian retailers began withdrawing head structures from unfriendly countries

At least three large Russian retailers have changed the address of registration of their head offices in recent months. According to the Unified State Register of Legal Entities, in mid-December, Aljamal Limited, a company registered in the UAE, became the owner of Tvoyo LLC, which develops a chain of budget clothing stores of the same name, instead of the Cypriot Mercerized Polo Factory Ltd. One of the consultants who worked with this retailer knows that the founder of the brand, Igor Yushkevich, is the owner of both companies. He owns 14 knitting factories in Russia, he told Forbes in 2019. Aljamal Limited, according to SPARK-Interfax, is listed as a co-owner of one of them – the Balashikha cotton spinning factory. It was not possible to contact Yushkevich. And the request to the “Your” network remained unanswered.

Changed registration in early December and a large network of sporting goods “Sportmaster”. Instead of Singapore’s Sportmaster Operations Pte, it is now owned by Hong Kong’s Falcon Asia Pacific Ltd, registered only three months ago. The head office of the Russian clothing brand Ostin is now located in Hong Kong. Its new owner since November 30 is the local firm Fashion Solutions Ltd, although before that it belonged to Singapore’s Austin Operations Pte. The business manager of Sportmaster, Sergey Agibalov, declined to comment, but did not refute the fact that the company was transferred to another jurisdiction. A request to Austin LLC remained unanswered.