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Peet’s Coffee, the specialty coffee roaster and retailer based in San Francisco Bay Area, revealed that it decided to continue its operations in Russia. The local owner of the chain also said they will rebrand and give the stores in the territory a new name.
Peet’s Coffee’s decision to stay is a bit surprising because many Western brands have already pulled out their businesses from Russia. The exits are happening due to the ongoing war in Ukraine.
As to why it chose not to leave, the coffee chain’s parent company, JDE Peet's, said that instead of discontinuing their business in the country, they decided to work on re-shaping their brand instead. They are now aiming to have a longer-term future in Russia, according to Fox Business.
Peet’s Coffee also hit back at groups that keep on saying it should leave Russia. Fabien Simon, the chief executive officer at JDE Peet's BV, said there is a need for "enduring solutions" rather than pulling out. He also said the company does not want to unfairly punish its Russian employees by going out of business there because, at the end of the day, the workers are bound to lose the jobs that help them pay for food and the overall cost of living.
With these statements, it is apparent that Peet’s Coffee is firm with its decision even if it is being criticized. The brand’s presence in the region will go on, but it may have a new name later.
JDE Peet’s is currently making some revisions so it can keep its Russian operations. This move is said to be an example of how some firms are traversing a new normal as the war in Ukraine rages on without an immediate end in sight.
In any case, JDE Peet’s CEO also explained its reasons for taking a different approach to its Russian operations. Speaking with The Wall Street Journal, Simon said that coffee is considered essential in the region and “sustains the health or life" of the locals.
He added that aside from unfairly terminating their employees if Peet’s Coffee departs - its brands and intellectual property are likely to just be seized and offered to a third party.
“We might not have said what people wanted to hear at the beginning, but we are taking a very authentic and honest approach," the CEO said. “It is not a risk-free change, but it is close enough to the existing brand to ease navigation on the shelf for consumers."
