Authentic Brands Group (ABG) has announced the suspension of its retail and e-commerce operations in Russia.
In a statement, the firm said it has been working with its partners for several weeks to stop its branded operations in the country.
The statement said: “In some cases, partner operations were suspended immediately. In other cases, due to contractual issues, the suspension of partner operations took longer to come into effect.”
Authentic Brands Group(ABG) LLC is an American brand management company headquartered in New York City.
Its holdings include athletics and entertainment brands, for which it partners with other companies to license and merchandise.
ABG owns the licensing for the likes of Juicy Couture, Aéropostale, Eddie Bauer, Nine West and Forever 21.
On Saturday, March 19, the firm announced that it did not have any branded store operations in Russia, with the exception of Reebok, as it prepared to discontinue Reebok activities.
It confirmed the relocation was accomplished a day later.
ABG also noted that it has made donations to the UN High Commissioner for Refugees (UNHCR) and the David Beckham UNICEF Fund, both of which support humanitarian operations and provide relief to people in need.
Additional donations will be provided by the company through a 1:1 employee matching gift program, in which ABG will match donations to the UNHCR made by its employees.