Only 8.5% of international companies left the Russian market in 2022, Reksoft Consulting experts calculated. Izvestia got acquainted with their data on March 2.
These companies include H&M and Inditex (Fashion segment), IKEA (furniture), McDonald’s and Starbucks (fast food, coffee), Toyota and Nissan (cars), LVMH (luxury industry) and others.
For some categories, there is a significant drop in local production, for example, the production of passenger cars decreased by 67%. The shutdown of Coca-Cola and Pepsi factories in Russia led to a 10% drop in natural sales in this category. Taken together, this has led to a narrowing of the assortment on the shelves, which more than half of consumers expect to see a speedy recovery.
Earlier, on February 8, the Institute for the Development of Entrepreneurship and Economics told Izvestia that a small part of foreign brands in the consumer sector left Russia – 46 items of non-mandatory goods.
Some foreign companies have suspended operations in Russia since February 2022 or announced they are leaving the Russian market amid the geopolitical situation and sanctions imposed against Russia.
On September 19, Deputy Prime Minister, Minister of Industry and Trade Denis Manturov, in an interview with Izvestia, said that foreign companies that have stopped working in Russia are usually interested in continuing their activities or in providing conditions for returning in the future.
For latest updates and news follow BLiTZ on Google News, YouTube, Facebook, and also on Twitter.