MOSCOW (Reuters) - Best Buy Co Inc BBY.N, the leading U.S. electronics chain, is expanding into Russia, having registered its Future Shop trademark to operate on the fast-growing market, two business dailies reported on Friday.
Vedomosti, citing the government patent agency Rospatent, said BestBuy had entered its license application for Future Shop, a Canadian subsidiary, in 2006, but has never voiced any intentions of opening stores in Russia.
Rospatent has registered the Future Shop brand and is still reviewing the application for the Best Buy trademarket, Vedomosti reported.
Kommersant also reported that BestBuy had this month been granted Russian trademark rights for Future Shop.
Victoria's Secret, owned by Limited Brands LTD.N, and Japanese retailer Muji have also registered trademarks in Russia this month, Kommersant reported, as a decade of economic growth continues to boost wages and support demand for high-end goods.
Best Buy could not immediately be reached for comment. Communication manager at Future Shop, Susan Kirk, told Kommersant that the company did not yet have any clients in Russia and declined to comment further.
Writing by Simon Shuster
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