British clothing-to-food retailer Marks and Spencer on Wednesday announced a full exit from Russia following the country’s invasion of Ukraine. After halting product shipments to Russia at the start of March, Marks and Spencer said it had decided “to fully exit” its Russian franchise run by Turkish conglomerate Fiba Group. The exit, plus disruption to M&S operations in Ukraine run also by franchisee Fiba, is costing the British company £31 million ($39 million, 36 million euros). “Unfortunately, our Ukrainian business has also been partially closed as a result of war impacts, and we are working with our partner to reopen as and when possible,” the company added in a statement. An M&S spokeswoman confirmed to AFP that the group’s “brand will no longer be used in Russia”. Its exit from Russia comes also after Marks and Spencer last year shut more than half its stores in France as Brexit affected supplies of fresh and chilled products. M&S on Wednesday said it had taken a charge of £10.3 million following the French shakeup.
Food Corner
Lamb Kofta
Ingredients: Minced lamb – 250 gms, Breadcrumbs – 1/2 cup, Onion – 1, small, finely chopped, Egg – 1, beaten Mint leaves – handful, finely chopped, Coriander leaves – handful, finely chopped, Cinnamon powder – […]
Business & Economics
GDP of India to contract 7.8 pc in FY 2021: Icra
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Annihilate the Monster of Coronavirus
As we transition to 2021, my mind takes a bird’s -eyeview of the world . 2020 has not been a kind year. Besides the usual natural calamities that hit many parts of the world,, including […]
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