Li Ka-shing's Watsons to close in Russia, decision made in January

Beauty and health retailer A.S. Watson, owned by Hong Kong retired billionaire Li Ka-shing, said it will cease its operation in Russia by June due to an "unsatisfactory business performance," adding the decision was made in January.

A.S. Watson is a unit of CK Hutchison Holdings Ltd, a ports-to-telecoms conglomerate.

A spokeswoman for A.S. Watson said Watsons Russia only has a small presence in the city of St. Petersburg with 47 stores, and the local team has made many attempts to improve performance over the years, "however the results are not satisfactory".

"After serious consideration we decided to cease this operation by June 2022 and prioritize our investment in other markets," she said in an email response.

The company added Watsons retail operations in other markets were not affected by the halting of operations in Russia.

The announcement came at a time when many international companies are quitting business in Russia as Western countries escalate sanctions against the country over the war in Ukraine, which started on February 24.

But Chinese firms and social media have been largely silent on the conflict.

China has refused to condemn the attack by Russia, a partner with which it has grown increasingly close in opposition to the West, though it has repeatedly called for the conflict to be resolved by dialogue.

Chinese ride-hailing giant Didi Global said last month it would continue to operate in Russia, reversing a decision announced in the same week that it was leaving that country as well as Kazakhstan

(Reuters)