Ikea, H&M, Prisma, Jysk, Hermes, Chanel are shutting down: the list of companies refusing to work in Russia grows daily.
The Russian economy is experiencing a mass exodus of international companies for the first time in modern history. A number of major brands have announced the suspension of operations, the freezing of all projects and the cancellation of new deliveries to the Russian market. In the consumer segment, the situation is not yet as critical as in other industries, but many retailers have already begun closing their stores.
Some companies explain the impossibility of operating in Russia by unprecedented logistics problems and the difficult economic conditions, while others cite the ongoing military operation in Ukraine. Apple and Nike were the first to announce the suspension of work in Russia at the beginning of last week: the two American companies have closed their online stores there.
What brands have announced the suspension of work in Russia?
- All IKEA stores (14 furniture centers, several Citistores, and design studios), as well as its online store, are closed until May 31;
- The Jysk retail stores and online sales in Russia have been suspended until further notice;
- H&M - all stores and its online store have closed down - more than 150 stores in total, covering H&M, H&M Home, COS, & Other Stories;
- Mango - all retail stores and online store closed;
- Inditex - all Zara, Bershka, Pull & Bear, Stradivarius, Oysho, and Zara Home stores closed;
- Puma - all retail and online channels suspended;
- Nike - the work of the online store and delivery of goods to Russia was suspended;
- Swarovsky - the online store was closed, the delivery of goods to the Russian Federation was suspended;
- Lego - the shipment of goods to the Russian market was suspended;
- Prisma - 16 supermarkets in St. Petersburg were closed, the company announced its withdrawal from Russia;
- iHerb - the online store was temporarily closed, no orders are accepted;
- The biggest luxury goods retailers LVMH, Kering, Chanel, Hermes stopped functioning of retail and internet stores;
- International fashion platforms Net-a-Porter, Mr Porter, Yoox, and The Outnet stopped taking orders in Russia.
Logistics companiesDHL, FedEx, UPS, Maersk - all operations in Russia were stopped; orders with delivery to/from Russia are not processed.
Automotive concernsBMW, Cadillac, Ford, General Motors, Honda, Toyota, Mazda, Jaguar, Land Rover, Mercedes-Benz, Porsche, Rolls-Royce, Volvo, VW, Suzuki, Skoda, Scania - have temporarily shut down production in Russia.
- VISA and Mastercard - have suspended their work in Russia. Issued cards will cease to work outside the country, including in foreign online stores. On the Russian market, bank cards will continue to operate normally;
- PayPal - the service suspended its work in Russia for an indefinite period. New accounts are not being registered, Russian clients will be able to withdraw funds;
- American Express - work in Russia has been completely suspended.
Electronics and Electronics
- Apple - online store operations have been suspended, Apple Pay service for select banks is limited, the supply of products to the Russian market has been terminated;
- Samsung - temporarily suspended shipments of goods to Russia;
- Nokia, HP, Intel, Panasonic - all shipments of products and components were completely suspended;
- Microsoft - full suspension of operation and support of services and products in the Russian Federation.
- Boeing, Airbus, Ambraer - suspension of service, aircraft and spare parts deliveries to Russia. Withdrawal of aircraft operated by Russian companies under leasing agreements.
- Lufthansa, KLM, Air France and other European and US airlines - flight cancellations to Russia.
- Booking.com and Airbnb - companies have suspended operations in the Russian market. Local clients have been disconnected from reservation systems. Russian users can still book accommodation outside the country.
- Netflix - all Russian content projects have been suspended. The service continues to work for Russian clients in full;
- Megogo - ceased operations in Russia;
- SAP - full suspension of operations in Russia;
- Universal, Warner Bros, Sony, Paramount, Disney - suspended new releases in Russia for an indefinite period.
8 MARCH 2022, Russia