ABG PULLS STAKES OUT OF RUSSIA IN SUPPORT OF UKRAINE
Authentic Brand Group — the company behind more than fifty brands, including Aéropostale, Barneys New York, Brooks Brothers, David Beckham, Izod, Shaquille O’Neal, Van Heusen, and Volcom — has issued a statement on its position of the Russian invasion of Ukraine.
ABG’s global business includes the licensing of intellectual property to manufacturers, operators and distributors around the world.
In light of Russia’s unrelenting attack on Ukraine and the escalating humanitarian crisis, we are working closely with our partners to suspend any brand operations in the country. In some cases, partner operations were suspended immediately. In other cases, due to contractual issues, the suspension of partner operations will take longer to come into effect.
With the exception of Reebok, ABG does not have any branded store operations in Russia at this time. ABG is taking the necessary steps to immediately suspend operations of the Reebok stores and e-commerce in the country.
ABG joins a growing number of companies in the fashion and apparel industry who are walking away from the Russian market, recognizing that remaining in the country could do long-term damage brand image. A recent story in Fashion Network reported that “41% of global consumers have said they will boycott a brand if it does not alight with their personal beliefs…about Russia.”