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Retail

Epic Partners Suspends Collaboration With Magnit

European retail alliance Epic Partners has decided not to conduct joint negotiations on behalf of Russian retailer Magnit in response to Moscow's invasion of Ukraine.

The alliance includes EDEKA (Germany), Migros (Switzerland), Jerónimo Martins (Portugal and Poland), ICA (Sweden, Estonia, Latvia and Lithuania), Magnit (Russia) and Picnic (Netherlands, Germany).

Epic Partners said it is shocked at the current events in Ukraine and its thoughts are with all the people directly affected by the war and with all those who have to flee their homeland, according to a Jerónimo Martins’ press release.

Not A Permanent Decision

The alliance also noted that this decision is not a permanent and one-sided stance against the Russian population.

Epic Partners will reassess its collaboration with Magnit as soon as the conflict is resolved.

Elsewhere, Coca-Cola Co and PepsiCo Inc said that they are suspending sales of their sodas in Russia, becoming the latest high-profile Western consumer brands to curtail operations in the region following Moscow's invasion of Ukraine.

Cosmetics giant L'Oréal is temporarily closing its stores in Russia and suspending investments in the country. Imperial Brands Plc has suspended all operations in Russia, following international sanctions against the country.

Dairy firms Arla Foods and Valio have joined the growing list of firms to halt operations in Russia, due to the ongoing conflict with Ukraine.

Read More: Supply Disruption, Soaring Energy Costs Could Hit UK Grocers' Growth: NielsenIQ

© 2022 European Supermarket Magazine – your source for the latest Retail news. Article by Dayeeta Das. Click subscribe to sign up to  ESM: European Supermarket Magazine.

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