Portuguese furniture shop closes in Moscow

 In Exports, News

Exporting to Russia is now more complicated and expensive and proof of this is the closure of a Portuguese furniture retailer in Moscow.

Laskasas, which enjoyed revenues of €1.2 million in 2021, produces and sells furniture and home décor items. But it was forced to close its 240 square metre store that it had opened in Moscow near the Kremlin just 18 months ago.
“Because of the war in the Ukraine and the sanctions it was the only decision that we could have taken. It’s not just because of the logistical difficulties of exporting and transporting the goods, but also because the Russians don’t have the purchasing power that they did before the war”, Celso Lascasas told the online new source ECO.
The company’s founder and president explained that the supply of materials and transport to Russia had become extremely complex and expensive and closing the shop was the only option for the group based in Paredes which employs over 450 people and has three factories.
The main company which produces furniture and home décor pieces, DomKapa specialises in upholstery, while a subsidiary Serralux produces metal furniture.
The company’s business turnover in 2021 was €26 million, with close to 35% resulting from sales in around 30 international markets. After the Middle East and the UK, Russia was the third best overseas destination with revenues of around €1.2 million.
The Laskasas shop in Moscow employed six people, including sales staff and designers, which are “being looked after” and a staff member working in the group’s export department. The company says that the shop will continue to belong to Laskasas and the remaining stock will remain on the premises.