Spanish clothing manufacturer Mango decided to abandon direct sales in Russia against the background of the situation in Ukraine.
"Mango has decided to finally abandon direct sales in Russia after 23 years of presence in the country's market because of 'international geopolitical uncertainty,'" Pais newspaper wrote, citing company sources.
The Spanish clothing manufacturer has reached an agreement with several Russian partners to transfer its 55 stores. They will become franchisees and save jobs for 800 people.
Also in its reports for this year Mango provided reserves of 20 million euros to cover the consequences, which are caused by the situation in Russia.
The Spanish company temporarily suspended operations in Russia in early spring, including online sales.
In the coming months Mango will carry out the process of transferring Russian stores to other franchise partners. The first two sales outlets will be transferred this week, and from June to July there will be 22 more.