Japanese clothing manufacturer and retailer Uniqlo has decided to terminate the lease agreements for all of its stores in Russia.

According to the Russian Vedomosti, citing one of the partners of the Japanese company, Uniqlo's Russian business was represented by LLC "Uniqlo rus" and was owned by Fast Retailing (75%) and Mitsubishi Corporation (25%).

The owners of shopping centers, where Uniqlo's stores were previously located, confirmed the termination of the lease agreements. For example, a boutique called Lime has replaced Uniqlo's store in the "Atrium" complex near Kursky railway station.

"This same retailer has taken the spaces of the company in the "Europolis" shopping center on Prospekt Mira. Uniqlo's premises in "Afimall City," "Europeisky," "Fort Vidradne," and the building on Novy Arbat are now leased by Gloria Jeans. The new project, Lady & Gentleman City - Just Clothes, has opened its points in place of Uniqlo stores in "Aviapark" and also in "Megas" in Khimki and Teply Stan," the statement said.

In March of last year, the company announced a "temporary suspension" of its points in Russia, and in its latest financial report, it mentions "complete closure of the business."

After closing the stores, the company's revenue declined by more than half - from 26.9 billion to 12 billion rubles, and instead of a profit of 4.1 billion rubles in the previous year, Uniqlo recorded a loss of 10.7 billion rubles.

According to the financial report of the Fast Retailing Group, there were 49 Uniqlo stores operating under that name in Russia at the beginning of 2022