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French retailer announces suspension of business in Russia

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A major French retailer has now suspended its activities in Russia following harsh criticism of its decision to stay

Activewear company, Decathlon, has been slammed for staying in Russia during the war with Ukraine.

Posts on social media have called for a boycott of the French company, which has 60 stores in Russia.

“In strict compliance with international sanctions, DECATHLON notes that the supply conditions are no longer met to continue its activity in Russia,” Decathlon says in a statement.

Decathlon says supply chain disruption meant it could no longer operate in the country but it would continue to support its 2500 Russian staff.

The company is also setting up a solidarity fund with €1 million’ to ‘support the affected populations’.

McDonald’s, Coca-Cola, Starbucks, and Ikea are among the many companies which have halted business in Russia. The corporate departures affect every department – retail, finance, entertainment, fast food, and autos.

The western sanction imposed against Russia also makes it harder for companies to continue business in Russia without facing an increased risk of a tarnished reputation.

Ukraine’s foreign minister had also criticised the firm for operating In Russia adding to the mounting pressure to pull out of the country.

Decathlon is owned by French retail giant Association Familiale Mulliez, which has been criticised for continuing its other businesses, Leroy Merlin and Auchan, in Russia.

The French Giant has also come under fire for reportedly planning an expansion of business in the country facing an exodus.

Rijul Baath contributed to this report

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Will Australia’s foreign investment rule create an economic boost?

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Australian Treasurer Dr. Jim Chalmers announced an overall of foreign investment rules ahead of the budget.

Australia is set to announce a significant decline in its projected gross debt, signalling a more optimistic outlook for the country’s fiscal health.

The Airport Economist, Professor Tim Harcourt at UTS joins to discuss.

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Research key to investment success

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What is the importance of research in the investing and super landscape in Australia?

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by Peter Green, Director of Research at Lonsec Research. #wyld money

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Why “stagflation” will be the greatest financial threat of 2024

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With inflation soaring and economic growth tapering off, concerns about stagflation are on the rise

Stagflation, a situation characterised by high inflation coupled with stagnant economic growth, presents a unique challenge that many are ill-prepared to face.

Mark Wyld from MW Wealth joins to unpack what defines “stagflation”. #featured

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