Owning brands Jacobs, L’Or, Tassimo, Pickwick, JDE Peet’s intends to withdraw international brands from the Russian market. According to official information, this is due to the losses incurred by the company in the first half of 2023, as discussed today, August 3, informs TASS.
And we are talking about the replacement of unprofitable brands controlled by JDE Peet’s.
“JDE Peet’s is in the process of withdrawing international brands from the Russian market,” the company said in an official release.
The company also noted that since the beginning of the CBO in 2022, the manufacturer “strives to ensure that business in Russia functions as independently as possible”.
Now JDE Peet’s intends to move to local brands. All because of the uncertainty in the market. According to the results of the first half of the year, the company has already lost more than 185 million euros, and the expected profit in the second “much lower”.
EADaily also recalls that JDE Peet’s is a company owned by businessmen from the US and the Netherlands, where, by the way, coffee and tea do not grow. JDE Peet’s CEO Fabien Simon also announced this week “ethical responsibility” to all employees, including those who work in Russia. Therefore, the company does not plan to completely leave the Russian market.
2023-08-03 08:28:00
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