THE HAGUE, August 3. /TASS/. JDE Peet's, the owner of Jacobs, L'Or, Tassimo, Pickwick and other coffee and tea brands, will replace all international branded products in the Russian market with local substitutes, the US-Dutch coffee and tea maker said in a report.
"JDE Peet’s is in the process of discontinuing international brands in the Russian market," the company informed the press. The beverage producer noted that, since the beginning of the Russian special military operation in Ukraine in 2022, it has sought to ensure that its Russian business is operated on a standalone basis to the greatest possible extent.The coffee and tea maker also lowered its profit target guidance due to the uncertainty stemming from the announced transition to local brands in Russia. The company lost over 185 mln euro as a result of the rebranding in the Russian market in the first half of 2023, according to the report.