Nov 18, 2016
La Senza quits Russia say reports
Nov 18, 2016
La Senza is believed to be quitting the Russian market with local press reports saying all stores under the L Brands-owned label are being closed, the last due to shut at the end of this month.
Business magazine Vedomosti said the lingerie retailer’s presence in Russia has been via a franchise deal with Alshaya Group’s Moneks Trading unit, which also represents L Brands’ star Victoria’s Secret label as well at Mothercare, MAC and the Body Shop.
Neither L Brands nor Moneks have commented on the report nor on the reason for the closures.
The first Russian La Senza store opened in 2008 and the company later opened a further five locations there.
However, analysts said competition at La Senza’s price level is tight with Etam particularly strong in the market.
The closures come after L Brands said this spring that it would restructure it business and focus on its core categories, creating three units within its Victoria's Secret business - Victoria's Secret Lingerie, Pink and Victoria's Secret Beauty. It also exited certain non-core merchandise categories.
Victoria's Secret is the company’s biggest business and made up around 63% of its revenue last year.
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