Update on Reima’s operations in Russia
Reima strongly condemns Russia’s attack on Ukraine. The attack and related changes in geopolitical situation have major impacts on Reima’s business. As a result, Reima intends to withdraw from the Russian market.
The exit process is complicated, and Reima needs to fulfill legal obligations to third parties in Russia. This means, for example, wholesale customers that have contractually binding pre-orders for autumn/winter 2022 products. Reima is also committed to fulfill all its obligations to its employees in Russia.
As the first step in the process, Reima’s own stores and ecom stores in Russia were closed permanently in the beginning of March. The remaining business operation has been set for sale, which is a way to legally withdraw from the Russian market.
Starting from the spring/summer 2023 collection, Reima will not sell its new collections to Russia. The use of Reima brand and retail concept which is used by franchise entrepreneurs, will not be permitted in Russia after a transition period. Thus, the Reima brand will retrieve fully from the Russian market.
This will be a major change in the Reima Group’s operations globally. Reima will continue to focus even more strongly on growing its business in Europe, North America and Asia.