The French design giant stops selling in Russia.
Written byTimes Magazine
The French luxury giant has joined other companies in announcing they will halt sales in Russia amid the ongoing war in Ukraine. LVMH, Hermes, Kering, and Chanel have temporarily closed their stores in Russia, the company announced on Friday. This was followed by calls from upscale Ukrainian shops to "stand up" after the invasion.
Luxury retailers have so far mainly been exempt from sanctions by western governments. Expensive bag maker Birkin Hermes and Swiss owner Cartier Richemont were among the first companies to announce closing their business in Russia. LVMH, which owns brands including Christian Dior, Givenchy, and Bulgari, will close its 124 boutiques across the country on Sunday.
Chanel, known for his Boucle jackets, said in a post on LinkedIn: "In light of our growing concerns about the current situation, the increasing uncertainty and complexity of the job, Chanel has decided to suspend its business in Russia temporarily."
Dry, the home of Gucci and Saint Laurent, has two stores in Russia and employs 180 people in the country. The French company said its decision was due to "growing concerns about the current situation in Europe."
This comes after the Ukrainian luxury department store CEO told the news that high-end companies "need to put humanity above profit." Marusya Koval, marketing director at Tsum Kyiv, said several companies had pledged assistance but had not commented on whether they would stop selling their products in Russia. He noted that brands are posting on social media in support of Ukraine "are not going to help us end the war."
For example, the fashion house Prada did not respond to a question from news News about whether it would stop selling its products in Russia.
Countless other companies have announced plans to withdraw from Russia following the invasion of Ukraine. Giorgio Armani did not say whether he planned to suspend sales in Russia. Still, Armani told his team not to play music at the recent Paris fashion show to "announce that we are not celebrating here."
The Tsum Kyiv department store, like other retailers on the Ukrainian market, was closed as Russian troops advanced into the capital. Koval said he wanted the fashion and luxury goods industry to "immediately react by imposing sanctions on Russian brands, shops, and retailers."