The owner of Reserved, Cropp, House, Mohito and Sinsay will close 50 stores in Russia
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UAE-based FES Retail, which owns the Reserved, Cropp, House, Mohito and Sinsay brands, plans to close about 50 stores in Russia. This is due to the unfavorable terms of the lease.
“FES Retail, following the example of other major fashion operators, plans to optimize its business by abandoning some of its stores. About 50 points fall under the closure, ”the company said in a statement cited by TASS. Instead, the company will focus on other outlets, which number more than 500.
Initially, the Reserved, Cropp, House, Mohito and Sinsay brands belonged to the Polish company LPP. In March, LPP announced its withdrawal from Russia. In July 2022, her Russian business was bought out by FES retail, registered in the UAE.
More about this – in the material “Reserved under the scorching Arabian sun”.
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