Peet's Coffee remains in Russia, plans on renaming brand despite other Western companies leaving

"We might not have said what people wanted to hear at the beginning, but we are taking a very authentic and honest approach," Simon said.

Two cups of coffee on a table in a Peet's Coffee store, one of which is latte and the other is black coffee. Since 2017 when Peet's Coffee opened its first store in Shanghai, it has opened about 80 more stores in China, and with a double-digit growth Unlike Starbucks, JDE Peet’s has decided to stay in Russia and create a strategy that cooperates with the many international sanctions in Russia and complex supply chain issues.

At the beginning of March, shortly after Russian forces invaded Ukraine, Starbucks joined a growing list of corporations that suspended all business activity in the country. At the time, then-CEO Kevin Johnsonthat the company condemns "the horrific attacks on Ukraine by Russia." Johnson said the company's licensed partners agreed to "immediately pause store operations" while continuing to support the 2,000 Russian employees "who depend on Starbucks for their livelihood."

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Opinion: To end Ukraine conflict, Western companies must exit RussiaCorporations that stay provide tax revenue that fills President Putin’s war chest.
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