Levi Strauss & Co, an American denim retail chain, is finally leaving the Russian market after 29 years of operation.
According to Ukrinform, this is reported by “Kommersant” with reference to sources.
According to them, the company has already stopped deliveries of new products and is now looking for buyers for its retail business in Russia. Among the potential buyers of Russian Levi’s stores, sources name the Turkish company Fiba Holding AS, which develops Gap, Marks & Spencer and Banana Republic outlets in Russia.
Levi’s headquarters announced that due to wars in Ukraine suspends commercial activities and any investments in Russia in March.
The first Levi’s store opened in Russia in 1993. According to Kommersant, the company now has about 90 outlets in the country, some of which are franchised.
According to Yale School As of mid-May, since the start of a full-scale war in Ukraine, about 1,000 foreign companies have announced their withdrawal from Russia or the restriction of activities in the country.