Two years ago, American TJX Companies, which acquired a 25% share in the Russian Familia chain of stores, split from their co-owners. In this respect writer “Kommersant” referring to data from the TJX Companies 2022 report.
TJX Companies, which develops TJ Maxx and Marshalls clothing stores in the United States, has sold its stake in Familia Trading Sarl, the main structure of the discount price Familia network in Russia. At the same time, information on who bought the shares of the American company was not disclosed. Familia has decided not to respond to the publication’s request.
The publication noted that TJX Companies already stated last year that it would quit the Russian business due to the start of a special operation in Ukraine. The establishment would then sell its stake for $218 million. According to the Unified State Register of Legal Entities, in April 2023, Familia’s head office changed its jurisdiction in Luxembourg to the UAE.
Market experts agree that the transfer of the main structure of the company to Dubai is a necessary measure in connection with the sanctions. In contrast, the UAE has a friendly status for the Russian company. In addition, the fact that the UAE has a comfortable tax regime also affected the decision to move the structure to this country.
April 30 Forbes cites statistics from Fashion Consulting Group (FCG) analysts WroteHe said that after some foreign fashion companies withdrew from the Russian domestic market, retail prices increased by 30% on average. At the same time, sales increased by 10-25%.