Hugo Boss leaves Russia, Mars Inc. terminates investment

US confectionery and pet food company Mars Inc. is suspending new investment in Russia and halting advertising activity in the country, as well as in Belarus, Report informs referring to Interfax.

Mars has "decided to suspend all advertising in Russia and Belarus," CEO Grant Reid said in a statement posted on the company's website. "Furthermore, we have suspended new investments in Russia," he said.

Mars is one of the largest producers of food and pet food in Russia and the CIS. The company has invested more than $2 billion in the Russian economy since 1991, building and modernizing ten factories that produce confectionery products, chewing gum, pet food, and cooking sauces.

The company's brand portfolio includes M&M's, Snickers, Orbit, Twix, Dolmio, Whiskas, Royal Canin and Sheba, among others.

Besides, Hugo Boss has halted its sales and e-commerce operations in Russia, according to MarketWatch.

As of March 9, the company closed its stores and suspended all own-retail and e-commerce activity in the country.

Together with Ukraine, the Russian market accounted for around 3% of Hugo Boss sales last year, the company said, adding that it will provide all affected employees with financial and operational support and remain in close contact with its business partners.

"It is difficult to assess the implications of a potential further escalation of the war in Ukraine on overall economic and sector growth," Hugo Boss said as it set out 2021 results and 2022 targets.