The clothing chain Family Fashion, launched in 2012 by the co-owner «Centrobuvi» Sergey Lomakin and the German retailer Takko Fashion, will cease to exist in April, Kommersant reports.

The business, which grew to 60 stores a year ago, has not reached self-sufficiency. The reason for the failure could be that the range of stores was not adapted for Russia, while the quality of the purchased goods quickly fell.

Over the past year, the number of the company's stores has decreased from 60 to 10. The last facilities will be closed within two weeks.

The Family Fashion project was created in 2012 as a joint venture between Takko and one of the founders of Kopecks and co-owner of Centrobuvi Sergei Lomakin. For five years, it was planned to build a network of 500 stores under the Family Fashion brand. In the first year of development, the partners intended to invest $50 million in the opening of 25 stores. At the peak of the network's development, the revenue of Fashion Family reached 4 billion rubles. From materials Kartoteka.ru it follows that in 2015 the retailer's turnover reached almost 3.6 billion rubles.This is 24% more than in 2014. The net loss of the network in 2014-2015 was at the level of 1.8-1.4 billion rubles. The project could not reach self-sufficiency, therefore it was decided to close it.