Trussardi has closed the final chapter of its Russian story. The Italian fashion house officially exited the Russian market in early April 2026, completing a phased withdrawal that began in 2022 following the outbreak of the Russo Ukrainian War.
A Decade of Russian Operations Comes to an End
Trussardi‘s direct retail presence in Russia launched in November 2016 with the opening of its inaugural boutique in Moscow‘s iconic GUM department store, followed by the gradual build out of a wholesale and retail network across the country. By early 2025, the brand still operated approximately 10 stores across Russia, with tentative plans to open a new location in Moscow, ambitions that were ultimately abandoned. All physical retail locations were shut down by the third quarter of 2025, and the legal dissolution of the brand’s Russian operating entity, T.R.S. Distribution LLC, was finalized the same year, with the full market exit completed by April 2026.
Geopolitics Behind the Exit
Trussardi first announced its intention to halt active operations in Russia in 2022 in response to the Russo Ukrainian War, progressively reducing its presence over the following years through a structured withdrawal rather than an abrupt departure.Â
The brand joins a long list of international fashion and retail companies that have exited Russia since the conflict began, including H&M Group, which left in late 2022, and Moncler, which stopped operations that same year. The Yale School of Management reported that over 1,500 companies had either scaled back or exited Russia by 2024, though exit deal activity has fallen sharply, dropping to just 23 transactions in 2025, representing approximately 8% of total M&A activity.
A Brand in the Middle of Its Own Restructuring
The Russian exit arrives at a pivotal moment in Trussardi‘s corporate history. The brand, founded in 1911 in Bergamo, Italy, by glovemaker Dante Trussardi, remained in family ownership for over a century before being acquired by Miroglio Group in March 2024 following a failed turnaround by investment firm QuattroR, which had secured a 60% stake in 2019. In the years leading up to that acquisition, annual revenues had fallen to around €80 million while debts climbed to roughly €50 million, according to The Business of Fashion. Under Miroglio, a major Italian textile and fashion group with an anticipated 2023 EBIT margin of approximately 10%, the brand is now undergoing a deeper structural reset aimed at stabilizing its finances and rebuilding its global positioning.
A Warning Sign for Mid Sized Luxury Brands
Trussardi‘s exit from Russia is emblematic of a broader set of pressures reshaping the global luxury retail landscape, particularly for mid sized brands that lack the scale and financial resilience of large conglomerates. McKinsey and Company’s State of Fashion 2026 report anticipates low single digit growth for the global fashion sector, citing persistent macroeconomic volatility, tariff pressures, and a consumer shift toward value.Â
Store closures in the US surged 67% in 2025 compared to the prior year, according to Coresight Research, reinforcing a broader structural challenge that legacy brands operating across fragmented international markets must now navigate with far greater strategic precision.
