Global Retail & Consumer Brands shut door in Russia

Puma, the German sportswear brand is the latest to shut its operations temporarily in Russia. This is in view of the Russian aggression in Ukraine, which has led to chaos across the latter country, leaving over 3 million people displaced. Spanish apparel giant Inditex, which owns the iconic “Zara” brand also decided to down its shutters across Russia earlier last week.

A spokesperson for Puma told AFP that 4% of its global turnover, which is around USD 7.4 Bn emerged from Russia and that the company will pay full salary for all the employees who were deployed across 100+ locations in the country. Puma also announced suspending its contract with the Russian Basketball Federation after the decision of the International Olympic Committee to recommend the exclusion of Russian athletes from the international tournament.

Global Brands condemn Russia

H&M announced suspending over 150 stores across the country.

Hermes, the luxury giant has stopped sales of its products through its stores in the country.

Adidas has suspended its partnership with Russian Football Union.

Ikea, the furniture giant has suspended its business in Russia and has also stopped its procurement from Russia and neighbouring Belarus.

Nike has suspended its e-commerce deliveries in the country due to challenges in delivery.

Honda has suspended exports of its passenger vehicles and motorbikes to Russia.

BMW has stopped production in its factories in Russia and has also halted exports to the country.

Harley Davidson has stopped export of its iconic motorcycles to Russia and also suspended local operations.

Mercedes Benz will soon divest its 15% stake in its Russian JV partner Kamaz soon.

Apple has disallowed the download of some of the state supported News App on its App Store. the company has also decided not to sell its products in Russia amidst the ongoing Russian invasion of Ukraine.