MOSCOW, February 28. / TASS /. British clothing retail giant Next and Next Children's network will halt their work in Russia, RBC reported on Thursday, citing reference to sources in the commercial real estate market.
According to the publication, due to the devaluation of the ruble, companies have not been able to maintain a sufficient level of profitability in the Russian and Ukrainian markets since 2015.
Director of the Crocus Group real estate department Olga Antonova told RBC that an official notice was given that the Next network outlets were closing at the Moscow Vegas shopping centers. Antonova noted that the closure is scheduled for the first half of 2019, but the exact dates have not been given.
The publication recalled that among the other British brands that left Russia in 2014-2015 amidst the financial crisis were River Island, New Look and Laura Ashley. The sharp drop in the Russian clothing, footwear and accessories market was recorded in 2015, when, according to the Fashion Consulting Group, it decreased by 9%.
The Next brand was founded in 1982 and has over 500 stores in the UK and another 200 stores in 40 countries worldwide. Currently, there are 24 Next stores across Russia.