Russia at war: Hermès to Shut Russian Stores

Russia at war: Hermès to Shut Russian Stores

05 March 2022, Mumbai:

The world's leading luxury brands said on Friday that they planned to temporarily close stores and pause business operations in Russia.

Birkin bag maker Hermes and Cartier owner Richemont were the first firms to announce such moves, followed by LVMH (LVMH.PA), Kering (PRTP.PA), and Chanel.

Doing business in Russia has become complex since Russia's invasion of Ukraine, which prompted the United States, Britain, and the European Union to impose sweeping sanctions.

ALSO READ: Hermès reports results

"Given our increasing concerns about the current situation, the growing uncertainty, and the complexity to operate, Chanel decided to temporarily pause its business in Russia," the French luxury fashion house said in a LinkedIn post.

Luxury giant LVMH, which owns such brands as Christian Dior, Givenchy, Kenzo, TAG Heuer, and Bulgari among others, will close its 124 boutiques in Russia from Sunday but will continue to pay the salaries for its 3,500 employees in the country, a spokesperson told Reuters.

 

RELATED ARTICLE: Nike & Hermès File Lawsuits for Trademark Infringement: non-fungible tokens (NFTs)

Join our community on Linkedin 

CREDITS: Reuters.

Author’s Posts

  • Tamil Nadu Textile Sector Begins Strong Recovery

    Tamil Nadu Textile Industry Shows Signs of Recovery
    After ...

    May 22, 2025

  • Shahid Kapoor Joins Taapsee Pannu for Vogue Eyewear India

    BRAND ANNOUNCEMENT | VOGUE EYEWEAR WELCOMES SHAHID KAPOOR, WHO JOINS TAAPSEE PANNU AS ITS BRAND AMBAS...

    May 22, 2025

  • 3rd Morocco International Yarn & Fabric Sourcing Show 2025

    3rd Morocco International Yarn & Fabric Sourcing Show 2025

    May 13, 2025

  • India’s Apparel Exports: Big Potential, Low Share

    Despite having the world’s second-largest vertically integrated textile industry, India’s share...

    May 05, 2025

  • CITI: India must engage U.S. on tariffs

    "Bridging the Information Gap in the Textile and Fashion Industry."

    DFU
    Inside Fashion Vol. 23 No. 2
    Azad
    EasiTex