The British retailer Kingfisher, which owns the Castorama chain of DIY and home improvement supplies stores, announced it is leaving the Russian market, TASS agency reports.
According to Kingfisher CEO Veronique Laury, the decision to leave Russia, Spain and Portugal is connected with the retailer’s plans to develop more effectively in its core markets, where the company already occupies a leading position.
In the 2017-2018 fiscal year, the company’s losses in Russia amounted to 8 million pounds ($10.2 mio), the report says.
Kingfisher is one of Europe’s largest companies selling household goods and supplies, running 1,302 stores in 10 countries.
Castorama came to Russia in 2006; 21 hypermarkets of the chain currently operate in different cities.