Chanel broke lease agreements in Russian shopping malls 01:03

Chanel is negotiating with the owners of Russian shopping malls to end its presence in Russia. The French brand plans to release rental space that has been unused since 2022, Pavel Lyulin, vice president of the Association of Shopping Centers, told the newspaper. “News”.

This applies to both cosmetics boutiques and clothing stores, including their flagship store on Petrovka in Moscow. The total number of objects is approximately 10, including those located in the Central Mall and Vremena Goda. St. There are also retail outlets in St. Petersburg. The parties are currently discussing the terms of the brand’s departure from shopping malls.

The company is currently in negotiations with lessors to complete the collaboration.

In March 2022, the brand suspended the development of its outlets, continuing to pay rent but not make sales. Only corners in cosmetics and perfume stores were operating, but the brand itself did not manage these sales points.

During the period when activities in Russia were stopped, the foreign brand may have been paying average rent in recent years and other agreements may have been made from the beginning of 2022. The company currently has long-term contracts that either provide strict exit conditions that include fines, or do not have such conditions at all, the expert told the Izvestia newspaper.

The expert added that, in fact, the termination of cooperation may require payment of the full rent before the end of the contract. Moreover, the rates in these documents can be fixed in dollars. The expert summarized that we are talking about serious losses for a global brand to leave the country.

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