New Look, one of Britain’s biggest fashion retailers has said it will close its 20 shops in Russia and six in Ukraine because of “political uncertainty”.
It is a reversal of the group’s plans to buy back its franchise in Russia and expand significantly there.
Chief executive Anders Kristiansen said: “All retailers are having an extremely tough time in Russia, not just in clothing.”
Announcing an 89 percent increase in first-half pre-tax profit to 26.1 million pounds (33.32 million euros), New Look said its other international expansion plans are on track, particularly in China, Poland and Germany.
Kristiansen said the company’s, “continued focus on international expansion will help us to reduce our exposure to the UK weather in the longer term.”