The Sweden-based company’s exit from the Ugandan market leaves more than 3,000 Ugandans without jobs.
This follows a raft of other big companies that have closed or are seriously struggling in recent times including Uchumi, Nakumatt, Imperial and Crane Bank.
The cosmetics giant which has in the past partnered with Ugandan celebrities such as Sheilah Gashumba, Julianna Kanyomozi, and Irene Ntale had its headquarters along Kampala Road.
It remains to be seen what government is planning to resuscitate a limping economy.
A source at the firm has revealed us to us that “embracing the exit strategy would be best for them now later than later as they were suffering loses month after month.”