After 17 years, Marks & Spencer is leaving Russia.

Following the invasion of Ukraine, Marks & Spencer has stated that it will completely abandon the Russian market.

The retail giant ceased exports to Russia in March, but previously stated that intricate franchise agreements prevented it from leaving fully, with approximately 50 stores remaining operational.

However, following negotiations, the company announced that it will completely quit its Russian franchise.

It occurred as M&S reported pre-tax profits of £392 million for the fiscal year ending April 2nd, up from a loss of £209 million the previous year.

M&S, on the other hand, predicted that sales growth will decrease due to rising prices and increased strain on customer budgets.

The company stated that rising food costs were being driven by global supply challenges and labor shortages, while rising factory, transportation, and freight costs, as well as ongoing supply issues in China, were placing pressure on its clothes and home businesses.

M&S, which was chastised for not withdrawing from Russia at the start of the war, said their pullout will cost company £31 million.

The firm employs 1,200 people and operates 48 stores in Russia through a Turkish company called FiBA.

Since the invasion of Ukraine in February, hundreds of multinational brands have departed Russia, including Starbucks, Coca-Cola, Levi’s, and Apple.