The French Adeo Group is withdrawing from Russia and handing over control of the DIY chain Leroy Merlin to the management in the country. This is to preserve the jobs of the 45,000 employees, the company says. This process is the result of efforts over several months. It follows the suspension of all investment in Russia since the beginning of the conflict and the gradual transition of the subsidiary to becoming an independent organisation.
The transaction must be approved by the Russian authorities. Adeo's top priority is to act responsibly in the best interests of its employees.
Leroy Merlin has been active in Russia for 18 years and is the market leader of the country's home improvement retailers. Sales by its 113 stores in Russia were estimated by the French press at nearly EUR 5 bn, or about 18 per cent of total sales in 2021.