Russia's largest clothing manufacturer reported a loss of $1 billion
Gloria Jeans, Russia’s largest clothing manufacturer and retailer, invested approximately $1 billion in the country’s garment factories, which it was later forced to divest. This was stated by the company’s founder and CEO, Vladimir Melnikov.
According to him, these investments were made over a period of 30 years; however, after the start of the full-scale war in Ukraine, it became difficult to keep the factories operating. Melnikov noted that due to sanctions, Russia lost a significant portion of its access to the technologies and resources necessary for production.
He also explained that the situation was exacerbated by a sharp rise in wages between 2023 and 2025. He said that wages rose from $300–500 to $800–1,500, while in Asian countries they remained at $200–500. After abandoning its own factories in Russia, Gloria Jeans had to quickly relocate production to Southeast Asia.
This is reported by Russian propaganda media.
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