War in between Russia and Ukraine seems to have affect even the fashion market. Recently, the list of companies have also joined French haute couture houses, who have stopped selling in Russia.
Luxury brands such as LVMH, Hermes, Kering and Chanel have decided to support in their own way Ukraine by closing their stores in Russia.
Even thought they have been left out from the sanctions introduced by Western governments, seems that they have faced some problems in running the business normally following measures taken by Britain, Europe and the US.
The head of the Hermes luxury bags and the Swiss Cartier, were the very first who announced the suspension of their businesses in Russia. But their were not the only ones, afterward LVMH announced that they have also decided to close about 124 boutiques across the country starting from Sunday. We have to mention that LVMH has in its portfolio brands like Christian Dior, Givenchy, Bulgaria, etc.
Chanel also joined the statement through a status on LinkedIn, where they explained that due to the current situation and the growing uncertainty day by day, it will temporarily close its sales in Russia.
The same decision was made by Kering which is the home of Gucci and Saint Laurent. With 2 stores in Russia and about 180 employees it decided to discontinue sales as a result of “growing concern about the current situation in Europe”.