A female beverages coffee in a Starbucks in a shopping mall in Khimki exterior Moscow.
Alexander Natruskin|Russia
Starbucks has much smaller sized direct exposure to the Russian and Ukrainian markets. The business has about 130 outlets in Russia and Ukraine, according to Bank of AmericaSecurities They are all certified places, so the Seattle- based business itself does not run them. Cowen expert Andrew Charles approximated that they represent less than 1% of Starbucks’ worldwide profits.
CEO Kevin Johnson composed in a letter on Tuesday afternoon that the business would supply assistance to its almost 2,000 staff members who reside inRussia The time out on service activity consists of shipping Starbucks items and its licensee will momentarily shutter the shops.
In a different letter launched Friday, Johnson condemned the attacks on Ukraine and promised to contribute royalties from its Russian service to humanitarian causes in the besieged country.
“We condemn the unprovoked, unjust and horrific attacks on Ukraine by Russia, and our hearts go out to all those affected,” Johnson composed in that letter.
