UK online fashion retailers ASOS, Boohoo suspend sales in Russia
Reuters
Published Mar 02, 2022 16:14
Updated Mar 02, 2022 19:11
LONDON (Reuters) -British online fashion retailers ASOS (LON:ASOS) and Boohoo have both suspended sales in Russia after Russia's invasion of Ukraine, joining a growing list of companies shunning the country.
"Against the backdrop of the continuing war, ASOS has decided that it is neither practical nor right to continue to trade in Russia," an ASOS spokesperson said on Wednesday.
ASOS had already suspended sales in Ukraine as it became impossible to serve customers there.
In the its year to Aug. 31, 2021 Russia and Ukraine represented about 4% of group revenue and contributed approximately 20 million pounds ($26.8 million) to group profit.
ASOS' total retail sales in the year rose 19% to 3.78 billion pounds.
A spokesperson for rival Boohoo said it had already suspended sales in Russia and does not serve Ukraine.
On Tuesday, American big brands including Apple (NASDAQ:AAPL), Google (NASDAQ:GOOGL), Ford and Harley-Davidson stopped sales and distanced themselves from Russia because of the invasion. [nL1N2V33S4]
($1 = 0.7473 pounds)
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Written By: Reuters
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