French retail giant Auchan is preparing to sell its Russian subsidiary, marking the company’s withdrawal from a country where it has maintained operations despite the war in Ukraine, reported French oultet La Lettre on October 24.
According to La Lettre, the retailer has found a local buyer and is now in the final stages of negotiation.
Auchan was one of the few remaining French brands still operating in Russia, but recent developments suggest that the company is following in the footsteps of other Western firms by seeking an exit strategy.
In Russia, it has 94 hypermarkets and 138 supermarkets.
Auchan LLC reported a 4.7% decline in revenue, reaching $2,3 billion (226 billion rubles) in 2023. Net profit also plummeted, falling to $4,7 million (460.2 million rubles) from $48,5 million (4.7 billion rubles) the previous year due to international sanctions.
Meanwhile, the Mulliez family, who owns Auchan, has decided to simultaneously explore options to leave Hungary.
Earlier, Russian companies launched a barter trade system with Pakistan to facilitate economic exchanges without relying on monetary transactions.
