Four Turkish clothing brands will close all their stores in Russia

The Turkish clothing brands NetWork, Club, and Oxxo will completely shut down their stores in Russia by 2026 due to unprofitability. 

This was reported by Kommersant, citing financial statements from Marka Rus, which also closed ten Mudo retail locations. 

The decision to wind down operations was made against the backdrop of the management company’s net loss, which rose by 22% last year to 716.3 million rubles. The company, owned by the Fiba Retail Group of Turkish billionaire Hüsnü Özegin, began developing these brands in Russia after GAP and Marks & Spencer exited the market in February 2022. Despite revenue growth to 2.36 billion rubles, the Turkish brands failed to achieve profitability and lost out to the competition in the Russian market. In addition to the Turkish brands, Marka Rus also continues to operate stores of the Spanish brand Mango in Russia under a franchise agreement. The closure of these locations in 2026 will mark the final stage of these retailers’ exit from Russia.

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