Japanese fashion retailer Uniqlo has made the decision to permanently exit the Russian market after suspending its operations in the country last year.

According to Russian broadsheet Izvestia, deputy minister of Industry and Trade Viktor Yevtukhov said that the company has decided to leave the country but it is yet to submit an application to the government to sell its chain.

Speaking to the paper, he said: "I think they can offer potential buyers their business model. The Japanese retailer will be able to offer ... lease agreements, popular points of sale with good buyers traffic and equipment."

Fast Retailing, the parent company of Uniqlo and other fashion brands such including Theory and Comptoir Des Cotonniers, suspended its business in Russia in March 2022 following Russia’s illegal invasion of Ukraine. Other major clothing retailers ranging from Adidas to Gucci took similar steps following the invasion.

Fast Retailing issued a statement saying that it has "no foreseeable prospects to resume operations" in Russia, and that it will continue to monitor the situation closely. The company operates 50 Uniqlo stores in Russia, all of which have remained closed since last March.

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