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Maag says it has no plans to reduce number of stores in Russia

According to the Ministry of Industry and Trade of Russia, the Maag clothing chain does not plan to leave the Russian market or close locations - the first months of its retail activity show strong sales dynamics

MOSCOW, July 26. /TASS/. Maag clothing chain plans to continue its business in Russia and does not intend to reduce the number of its stores, Maag told TASS.

"The company intends to continue doing business in Russia while also carrying out all internal development plans. There are no plans in the company to reduce the number of Maag retail stores," the company stated.

According to the press service, the first months of shop operation met the company's management's objectives, and sales of Maag brand products are increasing.

According to the Russian Ministry of Industry and Trade, 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 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.

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