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Published
Nov 21, 2016
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La Senza quits Russia say reports

Published
Nov 21, 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.

L Brands-owned La Senza is quitting Russia, according to press reports


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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