LPP and CCC, two Polish fashion merchants, have halted operations in Ukraine
26 February 2022, Mumbai:
LPP and CCC, Poland's two largest fashion stores, have suspended their operations in Ukraine, according to corporate executives, after Russia's war on its neighbor.
LPP and CCC, two of the region's fastest-growing garment firms, handle a number of fashion brands, including Reserved, HalfPrice, eobuwie.pl, Modivo, and Sinsay.
At 1230 GMT, LPP shares were down 23%, making them the worst performance on Poland's blue-chip index. The stock of CCC was down 13%. LPP transferred its administrative offices from Kyiv to Lviv in response to Russia's aggression on Ukraine, according to Monika Wszeborowska, the company's public relations manager.
Both shops ceased all business in Ukraine and said that their storefronts would stay closed, as well as all shipping to Ukraine.
The press office of the LPP stated that employee safety was its top priority.
ALSO READ: C&A x RecoverTM sign a 4-year partnership
"Because the situation is changing, we are actively monitoring all reports from the eastern border, including information from our Ukrainian office, and we are taking action," Wszeborowska said.
"One thing is certain: our intentions to expand our network in Ukraine this year have been canceled," Wszeborowska added.
According to LPP's financial statement, Ukraine and Russia were two of the major international sales performance drivers in the third quarter.
Ukraine and Russia account for around 3% of CCC's business and 1% of the entire group's activities, according to an emailed statement from a CCC spokeswoman.
Follow us on Linkedin & Youtube.
Subscribe to our daily e-newsletter.
*Figures mentioned in the above article have been sourced from Reuters & Fashion Network article.
