'We Closed 7 Brand Stores in Ukraine and Russia' - Founder of Gepherrini
A Georgian brand Gepherrini manufacturing bags, shoes, and accessories in a variety of styles and designs closed a total of 7 brand stores in Russia and Ukraine.
According to the founder of the company, Ilia Gepheridze, the share of both markets was small and as a result, it did not cause big losses.
"About three years ago, we were represented in 17 cities in Russian market and we understood the danger of continuing to operate in Russia. Therefore, we started to diversify our business. We were also given the opportunity to have explicit interests in new markets. We have brought it up and this is the main reason why the Russia-Ukraine war did not put the company at a serious loss."
In addition, the production of Gepherrini will be sold in Israel next month.
"We had a plan to add a clothing line, but now we are facing challenges, and we think it would not be right to invest in this area. However, we do not abandon the plan and after the Chinese market, we will gradually add a clothing line."