How German hypermarket chain Globus avoids Putin’s nationalizations and keeps expanding in wartime Russia
Many Western companies remain in Russia. More than 2,000 are German, according to estimates by the Kyiv School of Economics’ Leave Russia project. But almost all try to keep a low profile, attracting little attention either in Russia or at home. When asked directly, they condemn Russia’s aggression against Ukraine. The Globus hypermarket chain and its main owner, German billionaire Thomas Bruch,…
German hypermarket chain Globus avoids Russian nationalizations and keeps expanding in wartime Russia. The company has continued to open new stores in Russia during the full-scale war, despite its owner, German billionaire Thomas Bruch, urging Berlin to engage in dialogue with Moscow. Russian authorities have seized the assets of foreign companies that were unwilling or unable to leave the country, with Putin placing the Russian business of JTI under temporary management.
The next target could be Coca-Cola's Russian subsidiary. Only a few companies, like Ariston, have regained operational control. Russian authorities target market leaders or prominent players when placing companies under temporary management. When Auchan and Leroy Merlin were placed under temporary management in September, German retailers Metro and Globus were also likely to follow suit.
Globus, however, escaped that fate. The company is a family business with nearly 200-year history, headquartered in Sankt Wendel, Germany.
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