MOSCOW, July 26. /TASS/. The Maag clothing retail chain has no plans to abandon the Russian market or close locations - the first months of its retail activity reveal strong sales dynamics, the press service of the Russian Ministry of Industry and Trade told TASS.

"In accordance with the decision of the subcommittee of the government commission for the control of foreign investment in the Russian Federation, a key performance indicator has been set for the company in 2023 in the form of opening at least 240 stores in the Russian Federation," the ministry stated.

"Currently, 242 new stores are open and operating successfully, and there are no plans to close them, according to Novaya Moda (which manages Maag stores). Moreover, according to the company, the first months of sales show a positive trend and are in line with the company's goals; there are no plans to leave or close stores," the ministry’s press service said.

Maag itself told TASS that the company plans to continue its business in Russia and does not intend to reduce the number of retail stores.

Maag is an international brand owned by the UAE-based Daher group of retail firms. The company arrived in Russia to replace Spanish Inditex (which owns Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, and Oysho). The first Maag stores in Russia opened at the end of April 2023. In addition to Maag, the Daher company introduced three new brands in Russia - Ecru, Dub, and Vilet.