- Levi Strauss announced Monday it will suspend sales in Russia in response to the country’s invasion of Ukraine.
- The apparel company will also donate more than $300,000 to nonprofit organizations aiding Eastern European refugees.
- Levi’s blue jeans were a symbol of freedom and Western capitalist promise during Russia’s Soviet days.
Levi Strauss announced Monday it will suspend sales in Russia in response to the country’s invasion of Ukraine.
Levi Strauss, whose blue jeans were a symbol of freedom and Western capitalist promise in Russia’s Soviet days, will halt any new investments in the country. Roughly 4% of the company’s 2021 net revenue originated in Eastern Europe — half of that related to Russia, Levi Strauss said in a release.
“Any business considerations are clearly secondary to the human suffering experienced by so many,” the company said in a statement. “The LS&Co. community continues to be saddened by the devastating conflict in Ukraine and our thoughts are with all of those who have been affected, including our employees, partners and their loved ones.”
The apparel company will also donate more than $300,000 to nonprofit organizations aiding Eastern European refugees.
More than a million refugees have fled Ukraine as of last week, and hundreds of communities are currently without power or water.
The $300,000 Levi Strauss is allocating for humanitarian efforts will benefit the International Rescue Committee and CARE.
Source: Business - cnbc.com
