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Levi Strauss & Co. Announces More Than $300,000 in Humanitarian Aid for Refugees in Eastern Europe and a Temporary Suspension of Commercial Operations in Russia
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Rhea-AI Summary
Levi Strauss & Co. announced a donation exceeding $300,000 to support humanitarian efforts in response to the Ukraine crisis. The company is donating $200,000 to the International Rescue Committee and $100,000 to CARE. Additionally, Levi is matching employee donations 2-to-1, up to $200,000. Due to ongoing disruptions, Levi is temporarily suspending operations in Russia, where about 4% of its revenue was generated in 2021, significantly impacting its business in the region.
Positive
Donation of over $300,000 to support humanitarian efforts.
2-to-1 match on employee donations, up to $200,000.
Contribution of jackets and clothing to displaced individuals.
Negative
Temporary suspension of operations in Russia, impacting revenue.
Approximately 4% of total 2021 revenues derived from Eastern Europe, primarily Russia.
SAN FRANCISCO--(BUSINESS WIRE)--
In response to the ongoing humanitarian crisis in Ukraine, which is driving growing numbers of refugees into countries across Eastern Europe, Levi Strauss & Co. (LS&Co.) today announced that it is donating more than $300,000 to nonprofit organizations providing aid to those impacted by the ongoing conflict. The company and the Levi Strauss Foundation are giving $200,000 to the International Rescue Committee, which is helping to support individuals and families displaced by the conflict, while the company’s Beyond Yoga brand is giving $100,000 to CARE, which is responding to the immediate needs of the people of Ukraine.
In addition, the company is offering employees a 2-to-1 match, up to $200,000, for donations to a slate of organizations committed to ensuring that the most vulnerable communities get the support they need, including several that are ensuring discrimination doesn’t occur at border crossings. LS&Co. and its licensee partners are also working to donate jackets, backpacks and warm clothing to people who have been displaced from their homes.
Given the enormous disruption occurring in the region, which makes normal business untenable, LS&Co. is temporarily suspending commercial operations in Russia, including any new investments. The company is committed to supporting its employees, partners and their families affected by this decision in the months ahead.
In 2021, approximately 4% of the company’s total net revenues were derived from Eastern Europe, half of which was related to Russia. But any business considerations are clearly secondary to the human suffering experienced by so many. The LS&Co. community continues to be saddened by the devastating conflict in Ukraine and our thoughts are with all of those who have been affected, including our employees, partners and their loved ones.
About Levi Strauss & Co.
Levi Strauss & Co. (LS&Co.) is one of the world's largest brand-name apparel companies and a global leader in jeanswear. The company designs and markets jeans, casual wear and related accessories for men, women and children under the Levi's®, Signature by Levi Strauss & Co.™, Denizen®, Dockers® and Beyond Yoga brands. Its products are sold in more than 110 countries worldwide through a combination of chain retailers, department stores, online sites, and a global footprint of approximately 3,100 retail stores and shop-in-shops. Levi Strauss & Co.'s reported 2021 net revenues were $5.8 billion. For more information, go to http://levistrauss.com, and for financial news and announcements go to http://investors.levistrauss.com.
