Fast Retailing, the parent company of Japan-based casual wear label UNIQLO, has decided to continue its business in the Russian Federation due to increasing pressure to block the Russian market in protest of the invasion of the Russian Federation. He defended and spoke. Ukraine.
On Monday, Fast Retailing President Tadashi Yanai upheld the company’s decision to continue to open 49 Russian stores during the war.
“Clothes are a necessity in our daily lives,” Yanai said in a series of statements in Japanese newspapers. Nikkei.. “Russians have the right to live like us.”
Despite sticking to his decision to continue working in Russia, Yanai expressed opposition to the invasion and solidarity with the Ukrainian people.
“There should be no war. Everyone needs to oppose it. This time, the whole of Europe has clearly opposed the war and expressed its support for Ukraine. On the contrary, an attempt to divide the world. Will strengthen unity. “
FAST RETAILING has announced that it will donate $ 10 million to the United Nations High Commissioner for Refugees and 200,000 garments to Ukrainian refugees in Poland and elsewhere. However, these gestures are unlikely to appease critics who demand futons to take a strict stance against Russia.
Nevertheless, Uniqlo’s decision to stay in Russia puts Japanese attire among the increasingly few companies that choose to continue their business with severely sanctioned countries. Both McDonald’s and PepsiCo are faced with growing criticism of their decision to continue their business in Russia, as well as the beauty companies Estée Laudos and Coty, and the pharmaceutical company Arnailam Pharmaceuticals. All of the above are named after a public letter issued last Friday by the New York State pension fund president asking private companies to suspend operations in Russia.
Advocates of these companies will argue that a complete boycott of the Russian Federation is counterproductive, especially when it comes to basic necessities such as food and fuel. In doing so, some argue that companies are doing more to hurt ordinary Russians than to punish Vladimir Putin. But for supporters of companies that boycott Russia, doing so will stimulate political pressure on the government as people become disillusioned with wartime life and demand the government to withdraw. Uniqlo is one of Putin’s few companies operating in Russia, but the consensus among international companies to boycott the country could have a significant impact on the Russian economy.
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Nicholas Dolinger is a business reporter for The Epoch Times and author of the “The Beautiful Toilet” podcast.