Home Business Mango will hand over its stores in Russia to franchisees

Mango will hand over its stores in Russia to franchisees

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The Spanish clothing chain Mango, after 23 years of operation in Russia, will hand over to franchisees 55 stores in the country, which the retailer managed independently before the start of the military operation in Ukraine. An agreement with Russian partners who are ready to develop these points of sale has already been reached, El Pais reports. The first two stores will be transferred to franchisees next week, another 22 points of sale – until mid-July. In total, 65 stores operated under the Mango brand in Russia until February 24, of which only ten facilities were managed by partners. For the retailer, the Russian market was one of the five largest in terms of sales. At the end of 2021, sales in the Russian Federation brought Mango 8% of all profit before interest and taxes. Mango, after the forced closure of its stores in the Russian Federation in March 2022, according to the chain’s own data, had to spend about €20 million to pay the salaries of 800 Russian employees due to forced downtime and the preservation of stores. Mango owns 14 stores in Ukraine. Since the beginning of hostilities … .

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