Several luxury brands have decided to cease operations in Russia due to the invasion of Ukraine.
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Luxury brand such as Chanel, LVMH, Kering closed their stores, stopped e-commerce sales and all commercial operations due to the increasing turmoil between Russia and Ukraine. The decision comes after Hermes decided to close its boutiques in Russia. In an announcement on Friday, LVMH said all local operations in the country will be temporarily paused as all 124 stores were closed on Friday but they will continue to pay the salaries for their 3,500 employees.
E-commerce retails such as Farfetch, Yoox, Net-a-Porter, and MyTheresa also canceled orders that were expected to ship to Russia. FedEx and DHL also stopped shipping to the country as well.
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Chanel said in a statement that they will temporarily pause all operations due to “increasing concerns” surrounding the conflict.
“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,”
Kering, the luxury conglomerate that owns Gucci, Bottega Veneta, Saint Laurent, and several others also shared the same sentiments as Chanel and LVMH.
The companies also donated to Ukrainian relief efforts prior to closing down their shops and condemned the ongoing conflict.
SOURCE: Vogue Business