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February 25, 2022updated 23 Mar 2022 1:27pm

LPP and CCC suspend operations in Ukraine amid Russian invasion

The two retailers' shares were down by 23% and 13% respectively on 24 February.

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Major Polish retailers LPP and CCC have reportedly suspended operations in Ukraine amid the ongoing Russian military operation.

Bloomberg reported that Gdańsk-based LPP has closed its 139 stores in Ukraine and paused all deliveries to the country.

Following the Russian invasion, the company also shifted its administration offices from Kyiv to Lviv in western Ukraine, Reuters reported, citing LPP public relations manager Monika Wszeborowska.

Media reports said that air raids sirens were being sounded out in Lviv, a city located around 70km from the Polish border.

Wszeborowska was quoted as saying: “The situation is developing, which is why we are closely following all reports from the eastern border, including information from our office in Ukraine and we are acting on it.

“One thing is sure: our plans this year to develop our network in Ukraine are now cancelled.”

LPP operates more than 2,000 stores worldwide under various brands, including Reserved, Cropp, House, Mohito and Sinsay.

The retailer’s shares dipped by 23% at 12:30pm on 24 February. The company has not made any announcements about its operations in Russia.

Retail footwear company CCC has also halted its operations in Ukraine.

Ukraine and Russia represent around 3% of CCC’s business and about 1% of the whole group’s operations, Reuters reported, citing CCC’s representative.

According to LPP’s financial statement, the two countries were among the company’s largest foreign sales performance drivers in the third quarter of the fiscal year 2022 (FY22).

CCC saw its shares drop by 13% at 12:30pm on 24 February. The retailer operated a total of 992 stores at the end of last July.

Both LPP and CCC plan to keep their Ukraine stores closed and have also halted all shipping to the country.