November 27, 2022

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Uniqlo owner stays in Russia as Netflix and AMEX cut ties

Uniqlo owner stays in Russia as Netflix and AMEX cut ties

MARCH 7 (Reuters) – Fast Retailing, owner of Uniqlo (9983.T) It will keep its stores in Russia open, joining a small group of international companies that have stayed in place even as dozens of major brands have paused operations or exited the country due to their invasion of Ukraine.

Japanese apparel retailer CEO Tadashi Yanai said, according to emailed remarks first published by Nikkei and reported by Nikkei Inc. Bloomberg News.

Political pressure is mounting on companies to stop doing business in Russia as sweeping sanctions affecting everything from global payment systems to a range of high-tech products complicate operations.

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Big shippers have blocked container routes to and from Russia and several Western companies including Nike Inc, Swedish home furnishing retailer Ikea, and British energy giants BP and Shell. (sigh) Stores closed or announced plans to exit Russia.

On Sunday, giant Netflix, two of the four largest accounting firms KPMG, PricewaterhouseCoopers LLP (PwC) and credit card company American Express, broadcast (AXP.N) Cut ties with Russia.

Danone French Yogurt Maker (DANO.PA)It, which generates about 6% of its sales in Russia and Ukraine, said on Sunday that it had suspended investment in Russia and that one of its factories had closed in Ukraine.

McDonald’s Corp. (MCD.N) and PepsiCo Inc (PEP.O) Among the companies that continue to operate in Russia, which prompted the New York State Pension Fund – one of the shareholders of the couple – to urge them to consider stopping their operations there temporarily. Read more

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Russia said on Monday it would stop shooting and open humanitarian corridors in several Ukrainian cities, after fighting halted evacuation efforts at the weekend and the number of civilian casualties mounted. Read more

Russia described the campaign it launched on February 24 as a “special military operation”. It has denied attacking civilian areas and says it has no plans to occupy Ukraine.

Fast Retailing’s Yanai said he was against the war and urged every country to oppose it. The company joined in the donation effort to the United Nations.

Sunset behind skyscrapers at the Moscow International Business Center, also known as “Moscow City,” in Moscow, Russia, April 23, 2018. REUTERS/Anton Vaganov

A spokesperson for Fast Retailing told Reuters last week that the company had no plans to suspend operations in Russia, where Uniqlo has 49 stores.

The company did not respond to a request for comment on Monday.

Chinese video app TikTok said on Sunday it would suspend live broadcasts and upload videos on its platform in Russia while it reviews the implications of a new media law signed by President Vladimir Putin on Friday.

“We have no choice but to suspend live broadcasts and new content on our video service while we review the security implications of this law,” the social media company said in a series of messages. Twitter posts. It said in-app messages would not be affected by the decision.

‘unfair attack’

Several companies strongly condemned Russia’s actions as they suspended their services in the country.

“In light of the ongoing and unprovoked Russian attack on the people of Ukraine, American Express is suspending all operations in Russia,” it said on its website. Read more

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“Given the conditions on the ground, we have decided to suspend our service in Russia,” a Netflix spokesperson said.

Earlier, Netflix paused all projects and future acquisitions in Russia and said it had no plans to add state-run channels to its Russian service, despite regulations requiring it to do so.

KPMG said its companies in Russia and Belarus are leaving the KPMG network, a move that will affect more than 4,500 partners and employees.

PricewaterhouseCoopers, which has been operating in Russia for more than 30 years, said PwC Russia is leaving its network, affecting 3,700 partners and employees.

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Additional reporting by Akriti Sharma in Bengaluru, Chris Gallagher in Washington, DC, and Rocky Swift in Tokyo; Written by Anna Driver and Sayantani Ghosh; Editing by Diane Craft, Kirsten Donovan

Our criteria: Thomson Reuters Trust Principles.