18 hours ago | By Nigel Taylor
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The company’s franchisee in the country Debruss said in March it planned to open two F&F outlets in June and another in August in Moscow shopping malls.
None of the stores have opened and Debruss has said it is “not currently working with F&F”, declining to comment further.
A source told Reuters Tesco was put off by the political risks of investing in a country subject to Western sanctions over the Ukraine crisis as well as a drop in consumer spending following a slide in the rouble currency.
A Moscow shopping mall, Afimall, was reportedly terminating its contract with a company representing F&F in Russia because a store was scheduled to open there had not done so.
A retail market source said: “F&F has decided not to develop in Russia for now. Demand in the apparel retail sector is very weak.”
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