Page 134 - RusRPTDec22

Gap, one of the largest clothes retailer in the US, will leave Russia and close all its stores, daily Izvestiya reported on November 2 quoting CORE.XP consulting company and other real estate market sources. “One of the largest US clothes retailers Gap is leaving Russia completely and closing all of its stores ... Experts say that this is not just because of the special military operation, the retail chain had problems generating revenue even before February as the brand is not popular among Russians,” the daily reported. Nadezhda Tsvetkova, director and head of the commercial property renting department at CORE.XP, told Izvestiya that Gap owns 11 stores in Russia, with 10 of them located in Moscow and one in St. Petersburg. All of them were operating at the moment of publishing.
Russia’s Industry and Trade Ministry has banned parallel imports of products of cosmetic brands Lancome, Redken, Yves Saint Laurent (YSL), Giorgio Armani, and Kerastase, because the brands are ready to resume direct deliveries to Russia, a spokesperson for the authority told PRIME on November 7. “Yes, the brands are in the exclusions list and parallel imports of them are impossible. It is connected to the companies’ willingness to resume the supplies of their products to Russia,” the person said. “It is important to note that the exclusions will come into force in three months so those who have bought the products will be able to import them to Russia during three months from the date of publication of a corresponding order,” the person added. The brands were included into Russia’s parallel import list in August.
Jamilco, the distributor of New Balance, DKNY and several other brands, has sent an application to the Federal Antimonopoly Service to buy Moneks Trading, franchisee of Victoria's Secret and Mothercare in Russia, the authority said in a statement on November 16. "The Federal Antimonopoly Service has received an application to buy Moneks Trading from Jamilco,” the antitrust said. “The buyer is involved in retail trade of luxury clothing and retail and wholesale trade of branded shoes. The company to be bought works under a franchisee system and is specialized in development of retail stores of well-known trademarks Mothercare, Victoria's Secret, etc."
9.2.7 TMT corporate news
● Yandex
Yandex BoD is considering governance and ownership changes, the company said in a press release on November 25.
• _The changes are considered in light of the current geopolitical environment and may include:
o Divesting the major part of the business (including search
134 RUSSIA Country Report December 2022 www.intellinews.com