07.08.2026 14:12
Turkey-based home textiles and decoration brand Madame Coco has decided to completely withdraw from the Russian market. The company, which reached 29 stores in the country at its peak and planned to open 20 new stores in 2026, will close all its stores by autumn due to low visitor numbers, weakening demand, high rent expenses, and increasing financial obligations.
Madame Coco, a Turkey-based home textile and decoration brand, is preparing to completely withdraw from the Russian market.
According to information reported by the TASS news agency, the company plans to close all of its stores in Russia by the autumn period.
IT HAD PLANNED TO OPEN 20 NEW STORES
Madame Coco had aimed to capitalize on the void left by IKEA's departure from the Russian market in 2023. During its strongest period in Russia, the company had reached a total of 29 stores in various cities, primarily Moscow.
The brand had also planned to open approximately 20 new stores by 2026. However, the company failed to achieve the expected growth momentum in Russia, and the expansion plan was replaced by a decision to completely withdraw from the market.
4 REASONS STAND OUT IN THE CLOSURE DECISION
According to industry representatives, the decisive factors in Madame Coco's decision to withdraw from Russia were visitor numbers in shopping malls falling below expectations, weakening consumer demand, high rental expenses, and increasing financial obligations.
It was stated that the company officially notified shopping malls in May to terminate its lease agreements.
EMPLOYEES WERE INFORMED
It was also reported that Madame Coco informed its employees in advance about the layoff process. It was noted that the discount campaigns the company recently conducted in its stores were part of the liquidation process.
Thus, the company, which once planned to grow and increase its number of stores in Russia, is preparing to completely cease its operations in the country by autumn.
ANOTHER TURKISH BRAND IS ALSO CLOSING ITS STORES
Experts who provided assessments to TASS stated that another Turkish home decoration brand, Chakra, is experiencing similar difficulties in Russia. It was stated that Chakra has also decided to close its stores in Moscow.
According to experts, Turkish home decoration and home products chains operating in the mid-segment have struggled to achieve lasting and sustainable growth in the Russian market due to high shopping mall rents and business models reliant on heavy customer traffic.