Boycott big brands in Russia: Who’s in and who’s out?

Which brands have withdrawn from Russia?

The Yale School of Management maintains a daily updated list of major Western companies suspending or selling their operations in Russia, Gregory Schmidt said in a statement. New York Times. It is definitely hard to keep up.

As of today, more than 300 companies have withdrawn from Russia, according to Yale. When its listing was first announced on March 2, only a few dozen companies had announced their departure. However, in the eight days since, there has been a “mass exodus of companies”.

The major credit card giants (American Express, Mastercard and Visa) have all signed up, as well as Boeing, Ford and Volvo, and a list of entertainment companies including Netflix. Big Tech and Big Oil are mostly on board, as are French luxury giants LVMH and Hermès. “The Big Four conglomerates (PwC, KPMG, EY and Deloitte) are also pulling out – a process made easier because ‘these groups are structured like partnerships of businesses,’” said Mr. Schmidt. local companies, so businesses in Russia can continue to operate,” said Schmidt.

Julia Kollewe says in Guardians. McDonald’s, Coca-Cola, PepsiCo and Yum! The brands (who own KFC and Pizza Hut) were initially reluctant to disrupt very complicated franchise and business arrangements, but all had to give in midweek.

Kollewe added that many major Western brands have “bowed to public pressure” to withdraw from Russia. Yum is based in Kentucky! The brands have followed suit, saying they are “suspending 70 KFC-owned restaurants in Russia and finalizing an agreement to suspend all 50 Pizza Hut stores in partnership with its main franchisee.” .

McDonald’s has led a “new exodus” of the biggest Western consumer brands from Russia, Financial Times speak. Starbucks and Unilever were also among those to “pause or cut operations” in response to Vladimir Putin Invasion of Ukraine. Other brands joining the boycott include British children’s clothing chain Mothercare, Universal Music Group, Heineken, Levi’s, Burberry and Ikea.

Jeffrey Sonnenfeld, a professor at the Yale School of Management, said consumer goods companies “was late to the party but they moved.” Companies that entered the “business blockade” withdrew or withdrew because “they realized they had gone in the wrong direction of history”.

Which brands are still doing business in Russia?

Since yesterday, several large multinationals continue to buck the trend, The Economist speak. Leaving Russia is “easier for some companies than for others”.

Japanese fashion group Uniqlo is one of a number of companies that “have so far indicated a plan to keep going despite consumer boycott threats”. I news website reported. And a host of hotel groups including Hilton and Marriott have “chosen not to decouple completely from Russia”.

Tadashi Yanai, founder and president of Fast Retailing, owner of Uniqlo, defended the decision to continue operating because “clothes are a necessity of life” and that Russians “have the right to live like us.” “.

Burger King has 800 franchised locations in Russia and “it wouldn’t be easy to sever ties entirely because of legal agreements,” I said. Parent company Restaurant Brands International is planning to channel profits from its affiliates into humanitarian efforts supporting Ukrainian refugees. “BK Russia is an independent business owned and operated by our franchisees in the country,” it said. “We have longstanding legal agreements that don’t change easily.”

The new CEO of French food group Danone has argued that the company has a “responsibility to the people we feed”, Time reported. Antoine de Saint-Affrique said yogurt maker Activia and mineral water Evian would not commit to new investments in Russia, but confirmed it would continue to sell milk and baby food in the country.

https://www.theweek.co.uk/news/world-news/russia/956038/big-brand-boycotts-russia-who-is-in-who-is-out Boycott big brands in Russia: Who’s in and who’s out?

Fry Electronics Team

Fry Electronics.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@fry-electronics.com. The content will be deleted within 24 hours.

Related Articles

Back to top button