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Levi Strauss not expecting to reopen in Russia this year: report
Russia will end up being a ‘reduced energy power’: S&P Global vice chairman
Vice Chairman of S&P Global Daniel Yergin argues that overtime there will be ‘a lot less Russian energy going to Europe,’ which will hit the country’s budget.
Levi Strauss, whose iconic blue jeans were a symbol of freedom during the Soviet era, does not expect to reopen stores in Russia this year after temporarily suspending business a month ago, the company's chief executive told the Financial Times.
"The way things are going now, I’m not optimistic we’ll be back in business in full force any time soon," Chip Bergh told the newspaper on Wednesday.
Russia accounted for about 2% of Levi Strauss's total net revenues in 2021, while all of Eastern Europe accounted for 4%.