Luxury brands like Chanel, Kering and LVMH are closing Russian sites, citing growing concerns over Russia’s invasion of Ukraine
As things heat up between Russia and Ukraine, some luxury retailers are pausing sales in Russia. Some closed stores, halted online sales and some ceased all business activity.
Business in vogue reports that Keringthe company that owns Gucci, Balenciagaand Saint Laurent, will temporarily close its stores. Chanel said in a statement on Friday that their stores will also be closed and online sales will be suspended. Both reported growing concerns about the situation in Europe.
LVMH suspended local operations on Friday, closing all of its stores.
Hermes shared a statement on LinkedIn announcing that its Russian sites would shut down for the foreseeable future. Since March 3, Richemont closed its stores and suspended operations.
Before closing, some of the luxury companies, including Chanel, LVMH and Kering, made donations to Ukrainian relief efforts. And although they condemned the ongoing war, they all refrained from criticizing Russian President Vladimir Putin.
In addition to the shutdowns of luxury brands, the country has felt an impact on shipping in general. Both fedex and DHL announced that they had halted shipping to the country. Online retailers, such as Farfetch and Mytheresaalso paused orders to Russia.