Mango quits the Russian market
Mango, the Spanish brand, is leaving the Russian market and selling its franchise stores. The company owns 55 stores in Russia with 800 employees.
Trade agreements have been signed with several local partners. The transfer of property rights will take place in the coming months.
The first two Mango stores will be handed over to franchisees next week, and by the end of July, 22 more stores will be looking for the best option for their employees and partners across the country. According to the franchising model, there are currently 53 Mango stores in Russia.
Complying with the agreement, Mango will stop supplying products to Russia independently. Purchases are made by franchisees who provide logistics for the transportation of goods to Russia.
Mango partners also remain "loyal" to the company's employees and suppliers. The company does not conduct direct sales via the Internet, which has been suspended in Russia since early March.