Levi Strauss & Co, a denim jeans retailer, has decided to stop its business in Russia after 29 years, Kommersant cites its sources. The company suspended its operation shortly after the Ukraine War had started, but now it is going out of the Russian market completely.
The company has already stopped supplying its goods to Russia and is now selling its assets in the country. One of the potential candidates for the takeover is the Turkey-based Fiba Holding A.S. The company manages GAP, Marks & Spencer and Banana Republic brands in Russia, Kommersant says.
Levi’s has shipped its goods for the current season and informed its buyers that no further supply should be expected, Kommersant cites two sources in major online marketplaces.
Levi’s suspended its business in Russia in early March due to the Russian invasion into Ukraine. Chip Bergh, the company’s CEO, said the company “had no plans on re-opening its Russian stores in 2022” earlier.
McDonald’s restaurant chain announced leaving the Russian market completely on 16 May. The press relations office of the company said it was “impractical and inappropriate” to keep doing business in Russia; Aleksandr Govor, the McDonald’s franchisee in Russia, will no longer be allowed to use the company’s logo, title and signature menu.
