Luxury fashion brands such as Hermès, Chanel and Gucci will temporarily cease trading in Russia following the country’s invasion of Ukraine.
Hermès, maker of the Birkin bag, and Richemont, which owns Cartier, were among the first parent companies of fashion brands to announce store closures, followed by LVMH, Kering and Chanel.
LVMH owns brands like Kenzo, Givenchy and Christian Dior, while Kering is the parent company to fashion houses like Bottega Veneta, Gucci and Saint Laurent.
Russia launched a full-scale invasion of Ukraine on Thursday 24 February. Since then, the UK, the US and the EU have imposed sanctions on Russia.
In a LinkedIn post, Chanel wrote: “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.”
LMVH confirmed to Reuters that all of its 124 stores in Russia will close, but it will continue to pay its 3,500 employees in the country.
Kering, LMVH and L’Oreal, one of the world’s leading beauty companies, have all pledged financial support to help Ukrainian refugees.
It’s estimated that over 1 million Ukrainians have fled the country since Russia invaded a little over a week ago.
Ikea has also announced that it has suspended activities in Russia and Belarus due to the war.
In a statement posted to its website, it said that the Ikea Foundation has donated €20 million (£17 million) for humanitarian assistance to those who have been forcibly displaced as a result of the conflict in Ukraine.
Other fashion brands like Asos, Nike and Boohoo have also ceased trading in Russia.
Asos said in a statement earlier this week that it’s priority is the “safety of its colleagues and partners in Ukraine and Russia”.
“Against the backdrop of the continuing war, Asos has decided that it is neither practical nor right to continue to trade in Russia, and has therefore today suspended our sales there,” the statement read.
