In reaction to Russia’s invasion of Ukraine, a growing number of the world’s biggest companies including Google, Apple, and Disney, have cut ties with Russia.
Following suit, global luxury fashion brands have also announced they were temporarily closing their stores and suspending business in the country. Among the first to make the call were Hermès and Richemont, owner of Cartier, Van Cleef & Arpels, and Montblanc. Top luxury conglomerates LMVH and Kering, along with Chanel, later also announced they were ceasing commercial activities in Russia.
Making the announcement via a LinkedIn post, Hermès stated that it was “deeply concerned by the situation in Europe at this time,” and that its stores would be closed from March 4th onwards.
On the same platform, Chanel also cited “increasing concerns about the current situation’ and the “complexity to operate” for pausing its business in Russia.
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LVMH, with its vast portfolio of subsidiary brands, closed more than 120 boutiques in the country, adding that it would continue to pay its employees.
The move for brands to halt sales there is partly due to the need to comply with sanctions placed on Russia by Western countries, as well as the potential harm caused to a multinational company’s public reputation should they carry on business in the country.
Kering and LVMH have pledged to make financial contributions towards aiding Ukrainian refugees, while Richemont announced it has initiated a significant donation to Doctors Without Borders (MSF).
