Coffee maker Jacobs to stop selling foreign brands in Russia, but not leaving country
A Dutch coffee company JDE Peet's, owning Jacobs, L'Or, Tassimo and Douwe Egberts, will stop selling foreign coffee and tea brands in Russia by the end of the year.
Source: Kremlin-aligned newspaper Kommersant
Details: The company's financial report for the first half of the year indicates that the sales of all foreign brands will be discontinued by the end of the year. Starting in 2024, only local beverage brands will be sold in Russia.
JDE has also reduced its full-year profit target due to uncertainty amid the shift to local brands. The company incurred a €185 million loss in the first half of the year due to the rebranding of the Jacobs coffee brand in Russia.
Fabien Simon, CEO of JDE, noted that the company is not going to leave Russia altogether.
He said the company's operations in Russia do not contradict Western sanctions.
The company's Russian branch currently employs over 900 people.
Background: The Austrian company Swarovski, specialising in glass jewellery and known as a rhinestone manufacturer, has announced its complete withdrawal from Russia.
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