Several major global luxury brands said that they are stopping all operations in Russia effective immediately, “due to growing concerns regarding the current situation in Europe.”
Gucci, Louis Vuitton, Chanel, Yves Saint Laurent, Balenciaga and Cartier announced that they would be closing their stores and halting their operations in Russia cited logistical hurdles and grave concern for staff safety over Russian aggression against Ukraine.
The Kering Group said it would be shuttering its boutiques, including those of Gucci, Yves Saint Laurent, and Balenciaga.
LVMH, the world’s biggest luxury company, with a stable of more than 75 brands, including Christian Dior, Louis Vuitton and Moёt, released a statement to the fashion news outlet WWD, saying its stores would be closed in Russia from Sunday.
French luxury brand Hermès, the maker of Birkin bags, announced its own decision on the professional networking site LinkedIn. It said it was halting operations owing to “the situation in Europe at this time.” Its representatives stated that the company was “deeply concerned,” adding that it had suspended all Russian operations.
Chanel announced a similar move on LinkedIn hours later, stating that its sales in Russia would be halted due to “increasing concerns about the current situation, the growing uncertainty, and the complexity to operate.
Swiss Cartier owner Richemont had already decided to suspend its commercial operations in Russia on Thursday, “given the current global context.”
In the days before they ceased to operate in Russia, Chanel, LVMH, the Kering Group, and others denounced Russia’s war of aggression in Ukraine and donated funds to Ukrainian relief efforts.
In the wake of Russia’s invasion of Ukraine, the European Union and other countries have imposed a number of severe economic sanctions on Moscow, including barring its banks from the global payment system SWIFT and closing airspace to Russian aircraft. Several international brands such as Apple, IKEA, H&M, and Airbnb have also halted all their operations in Russia over its attack on a European democracy of 44 million people.
WHAT TO TAKE AWAY FROM THIS ARTICLE:
- In the wake of Russia's invasion of Ukraine, the European Union and other countries have imposed a number of severe economic sanctions on Moscow, including barring its banks from the global payment system SWIFT and closing airspace to Russian aircraft.
- Chanel announced a similar move on LinkedIn hours later, stating that its sales in Russia would be halted due to “increasing concerns about the current situation, the growing uncertainty, and the complexity to operate.
- LVMH, the world's biggest luxury company, with a stable of more than 75 brands, including Christian Dior, Louis Vuitton and Moёt, released a statement to the fashion news outlet WWD, saying its stores would be closed in Russia from Sunday.
