The group of clothing brands Levi Strauss & Co (Levi’s) leaves the Russian market. About it writes Kommersant, citing sources.
According to them, Levi’s has stopped deliveries of goods and is looking for buyers for part of its Russian stores. The brand plans to sell the remaining products at other sites. The interlocutor of Kommersant claims that one of the potential buyers of Russian Levi’s stores is the Turkish holding Fiba Holding AS. It, among other things, develops clothing stores Gap, Marks & Spencer and Banana Republic in Russia.
Levi Strauss & Co was founded in 1853. The first brand store in Russia appeared in 1993, since then about 90 more Levi’s outlets have opened throughout the country. In early March, the Levi Strauss & Co brand group, which also includes Dockers and Signature, stated on the suspension of commercial activities and any investment in Russia due to the war against Ukraine. In addition, the company allocated more than $300 thousand dollars to help the affected Ukrainians:
“In response to the humanitarian crisis in Ukraine, which is sending more refugees to Eastern European countries, the company says it will donate more than $300,000 to non-profit organizations that provide assistance to the victims,” the company’s website said in a statement.
After that, Levi Strauss & Co CEO Chip Berg said that the company is not going to reopen its Russian stores in 2022.
Since February 24, after the start of the war against Ukraine unleashed by Russian President Vladimir Putin, the world’s largest companies have ceased cooperation and the supply of their products to Russia. In total, more than 1,000 companies have completely left the Russian market, stopped interacting with Russian partners, or partially limited their work.
