Posted: 2 years ago

Leading Luxury Brand Suspend Sales in Russia

The world's leading luxury brands are closing their stores in Russia.

According to Reuters, such a step was first taken by Birkin bag manufacturer Hermes and Cartier owner Richemont. LVMH (LVMH.PA), Kering (PRTP.PA), and Chanel also decided to close their stores in the aggressor country.

For reference, the giant company LVMH owns brands such as Christian Dior, Givenchy, Kenzo, TAG Heuer and Bulgari. It will close its 124 boutiques in Russia from Sunday. However, in an interview with Reuters, a company spokesman explained that 3,500 employees would still be paid salaries.