Russian operations of advertising firm WPP will be terminated in response to Ukraine's invasion.
WPP Announces Withdrawal from Russian Market
In a recent statement, global advertising and communications giant WPP has announced its decision to wind down or significantly reduce its operations in Russia. The move comes in response to geopolitical issues, particularly following Russia's invasion of Ukraine.
The decision affects approximately 1,400 employees in Russia, while WPP continues to employ around 200 people in Ukraine. The statement expressed regret for the impact of this decision on Russian colleagues and thanked them for their service.
While the statement did not provide details about the financial implications of the withdrawal from Russia, it is known that WPP's operations in the country accounted for 0.6% of the company's overall revenue. The statement also did not mention any potential future plans for re-entry into the Russian market.
The operations of WPP agencies like GroupM, Wunderman Thompson, and VMLY&R are currently still in operation in Russia. The company has pledged to work closely with clients and partners during the discontinuation of activities.
At this time, there is no clear information about the current operational status of WPP in Russia and Ukraine following the decision to discontinue work in Russia. For the most accurate and current information, checking WPP’s official communications or financial disclosures would be necessary.
During this transition, WPP has assured its Russian staff that they will provide support to help them through this period. The company has not specified a timeline for the complete discontinuation of its operations in Russia.
This decision by WPP, the world's largest agency network, marks a significant shift in the advertising and communications industry in response to the ongoing geopolitical issues.
In light of the decision to withdraw from the Russian market, WPP will likely face changes in its business and finance due to the loss of a small percentage of its overall revenue. The company has pledged to support its Russian employees during this transition, but the timeline for complete discontinuation of operations remains unclear.
