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LVMH, Hermes, Chanel, Cartier & more temporarily shut shop in Russia amid crisis with Ukraine
After Nike and H&M suspended sales in the country amid growing tensions, luxury fashion houses too have taken a step back and halted sales due to the current situation.
After tech giants like Apple and Google took a step back from providing services in Russia, fashion brands like Nike and H&M were quick to follow. After Russia's attacks on neighbouring country Ukraine, a seemingly growing list of luxury brands have been announcing that they are temporarily halting sales in the country.
LVMH, the luxury brand that owns Louis Vuitton, is known to have more than 120 stores across the country and has announced that all stores would be shut effective Sunday. Amid the current situation in the region, a spokesperson of the company announced that all the 3,500 employees would continue to get their salary but stores would be shut.
Hermes was next to announce on a LinkedIn post that the brand too would be temporarily closing stores and pausing commercial activity in Russia due to the dispute taking place. As the Russian currency value keeps dropping, more luxury fashion houses are halting sales in the Putin-led country. Burberry, Chanel, Cartier and Kering which owns Gucci Balenciaga, Saint Laurent and Bottega Veneta among other luxury brands have also announced that they are shutting shop due to growing concerns regarding the current situation. Many of the brands have also been donating to aid the victims of this conflict.
In diplomatic statements, perhaps so the brands don't lose out on their Russian customers, most of the brands have also said that they would continue to pay their employees despite halting sales on the ground and through their e-commerce websites.
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