Levi Strauss has stopped delivering goods to Russia, and plans to sell the rest through other sites, sources said.
Well -known American denim chain Levi Strauss & Co has decided to leave the Russian market after 29 years of operation. The company has stopped delivering goods and is looking for buyers for retail business, the Kommersant report cited fashion market sources on Monday, May 23rd.
function news4478436() {
$.get(‘//’ + window.location.host + ‘/ajax/module.aspx?spm_id=444&id=4478436&lang=2&IsAjax=true’, function (data) { $(‘#nk4478436’).html(data); });
}
news4478436();
According to interlocutors, the company is looking for buyers for part of its stores in the Russian Federation. Levi Strauss stopped deliveries of the goods, and plans to sell the rest through other sites, sources said.
One of the interlocutors named Turkish Fiba Holding AS (which comprises Gap, Marks & Spencer and Banana Republic outlets in Russia) as one of the potential buyers of Levi’s stores in Russia.
The newspaper spokesman tells clothing retailers that he is also negotiating with Levi’s, but there are no agreements in principle yet.
Levi’s headquarters did not respond to the publication. The newspaper failed to contact Fiba Holding.
Levi Strauss & Co. was founded in 1853 as a major manufacturer of jeans. The first store in Russia opened in 1993. According to various sources, there are currently approximately 90 Levi’s outlets in the Russian Federation, some of which can be opened as a franchise. The group’s total revenue in 2021 is $ 5.8 billion, the Russian share of the business will not exceed 2%.
It will be recalled that in March, Levi’s main office announced the suspension of commercial activities and any investment in Russia due to this country’s invasion of Ukraine.
News from Athletistic in the Telegram. Subscribe to our channel Athletistic
Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.