A L'Occitane store in Moscow
(Picture: Alamy Stock Photo)French luxury cosmetics retailer L’Occitane will keep its stores in Russia open despite political pressure to close them, the company has announced.
Speaking to the BBC, the company said it had discussed closing the stores, but decided against the move to protect staff from “retaliation”.
L’Occitane has 112 retail stores in Russia, according to the company’s most recent annual report. The company’s sales in Russia topped €50 million (£42 million) in the year to 31 March 2021, representing 3.3% of the company’s worldwide revenues.
French president Emmanuel Macron has previously said it is up to individual companies to decide whether to stay in Russia, but warned of “reputation risks” for companies that chose to stay.
Over 600 companies have already withdrawn from Russia, according to an analysis by Yale University.
British consumer goods business Reckitt Benckiser became the latest, announcing overnight it would be transferring ownership of its Russian business “to a third party or to our local employees,” after suspending investment, promotion and advertising in the country.
In a statement the company said it was “appalled by the ongoing war and the devastating harm being inflicted on the Ukrainian people.”
