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The Great Rebrand: Western business reborn in Russia under new names

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2022-05-25 00:46:09

Scores of Western brands have said they intend to exitthe market, avoiding association with Russia"s large-scale military campaign inneighbouring Ukraine.

Here are some new names that have appeared:

ACCOUNTING & CONSULTING

The world"s "Big Four" accounting andconsulting firms have severed ties with Russia. In three cases, the Russianunit has already been rebranded.

PricewaterhouseCoopers LLP (PwC) said the successor toits Russian branch would be called Technologies of Trust.

"While it can take years to build trust anddevelop an impeccable reputation, they can be undermined overnight,"Technologies of Trust said.

Deloitte"s former Russian business is becoming"Business Solutions and Technologies, according to a May 18 regulatoryfiling by one of its major Russian clients, mobile operator MTS.

EY"s former Russian unit has been relaunched as AuditTechnologies and Solutions Centre - Audit Services, according to its website.

KPMG said in March its 4,500 partners and staff inRussia and Belarus would leave the KPMG network.

"All formal aspects of interaction will be workedout with each client individually," it said on March 7, without sayingwhether the business would relaunch under Russian ownership.

PwC had no further comment. Deloitte, EY and KPMG didnot immediately respond to enquiries.

LAW FIRMS, INSURERS

Zurich Insurance said on May 20 it had agreed to sellits Russian business to members of the local team, who would operate thebusiness under a different brand, but did not reveal the new name.

The Russian unit of the law firm Bryan Cave LeightonPaisner relaunched itself under Russian management on April 6 as ALUMNIPartners.

REAL ESTATE

The commercial real estate giant CBRE quit Russia,terminating its partnership with two affiliated companies there. CBRE"s formerRussian unit said the existing managers would take over the business, whichwould operate as CORE:XP.

CARS

French carmaker Renault is to sell its majority stakein carmaker Avtovaz to a Russian science institute, reportedly for just onerouble, with a six-year option to buy it back - leaving the door open for areturn.

The Renault Russia plant in Moscow will stop makingRenaults and be renamed Moscow Automobile Factory Moskvich, resurrecting theMoskvich (Muscovite) brand, which last appeared on new Russian cars two decadesago.

CLOTHES

Polish retail company LPP said on May 19 it haddecided to sell its Russian company, RE Trading, to a Chinese consortium, with"no rights whatsoever to utilise trade names and trademarks of clothingbrands owned by LPP".

The TASS news agency reported that previous signagewould gradually be replaced with new logos. Pictures on social media on May 20showed one of LPP"s Sinsay stores already displaying the new brand - Sin.

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