Posted on 03/08/2022 7:53:52 AM PST by marcusmaximus
Estee Lauder and IBM have become the latest Western brands to abandon Russia - but major international companies such as Reckitt, Unilever and British American Tobacco are staying put.
Both New York-listed firms said they would suspend all their operations in the country. Estee Lauder, which earns 2.7% of its revenues there, will shut all its stores.
They join a wave of blue chip companies that have left in protest at Vladimir Putin's invasion of Ukraine - but others have risked a consumer backlash by choosing not to follow them.
UK consumer goods titans Unilever and Reckitt have both condemned the war but are yet to announce any plans to leave Russia.
The same goes for Lucky Strike maker British American Tobacco, which has a factory in St Petersburg and has boasted of its 'significant contribution to the development of the tobacco industry and the country's economy as a whole'.
(Excerpt) Read more at dailymail.co.uk ...
I’m sure they’ll all be welcomed back by Russians with open arms.
Give ‘em all the tobacco products they can choke down - let ‘em do the depopulation job better than they’re already doing now.
Some Russians don’t need Estee Lauder.
But to some of them it’s a crippling blow.
Say what? Estee Lauder pulled out? Well, that just stinks.
Somehow I don’t think Pukin gives a hoot.
They can migrate to Oracle. Or SAP.
I suspect most of these companies are bailing out of Russia for one reason: With the collapse of the ruble under these economic sanctions, their revenues in U.S. dollars are plummeting even if their business in Russia is not affected at all. It might be easier to just abandon the market than explain this in their SEC filings.
LOL.
Pepsi, McDonald’s, and BAT are making 10-25% of their total revenue in Russia. Pulling out is going to hurt them big time.
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