Turkey's Fiba Retail is in talks to become a new franchise partner for Spanish clothes chain Mango in Russia, business daily Vedomosti reported on Friday, citing two unnamed sources close to the potential deal.
Sources said the number of stores owned by Mango is still being discussed. The first of them may appear in the Gagarinsky shopping and entertainment complex on Leninsky Prospekt in Moscow, they said.
Fiba Retail and Mango did not respond to Vedomosti's requests for comment.
Fiba Retail was Marks & Spencer's franchise partner in Russia, running 48 stores across the country.
Mango stores could reopen at Marks & Spencer's shuttered retail outlets after the British store left Russia.
Mango suspended operations at 55 stores in Russia in March, but 53 franchise outlets continued operating, after Russia’s invasion of Ukraine forced Western brands to halt operations in the country or pull out completely.
The Spanish publication El Pais, citing sources in the company, reported earlier that Mango would leave Russia and hand over its stores to franchisees.
Mango would cease to supply products to Russia on its own and purchases will be made by franchisees – they will also provide logistics, the publication also indicated.
Mango's partners also remain committed to the company's employees and suppliers, the Spanish newspaper reported.