Luxury fashion brands such as Hermès, Chanel and Gucci will temporarily cease operations in Russia following the country’s invasion of Ukraine.
Hermès, maker of the Birkin bag, and Richemont, owner of Cartier, were among the first fashion brand parent companies to announce store closures, followed by LVMH, Kering and Chanel.
LVMH owns brands like Kenzo, Givenchy and Christian Dior, while Kering is the parent company of fashion houses like Bottega Veneta, Gucci and Saint Laurent.
Russia launched a full-scale invasion of Ukraine on Thursday February 24. Since then, the UK, US and EU have imposed sanctions on Russia.
In a post on LinkedIn, Chanel wrote, “Given our growing concerns about the current situation, the increasing uncertainty and the complexity to operate, Chanel has decided to temporarily suspend its activities in Russia.”
LMVH confirmed Reuters that all of its 124 stores in Russia will close, but that it will continue to pay its 3,500 employees in the country.
Kering, LMVH and L’Oréal, one of the world’s leading beauty companies, have all pledged financial support to help Ukrainian refugees.
It is estimated that more than one million Ukrainians have fled the country since the Russian invasion just over a week ago.
Ikea also announced that it has suspended operations in Russia and Belarus due to the war.
In a statement posted on its website, it said the Ikea Foundation had donated €20m (£17m) for humanitarian aid to those forcibly displaced as a result of the conflict in Ukraine.
Other fashion brands like Asos, Nike and Boohoo have also ceased operations in Russia.
Asos said in a statement earlier this week that its priority was the “safety of its colleagues and partners in Ukraine and Russia”.
“Against the backdrop of the continuing war, Asos has decided that it is neither practical nor fair to continue to do business in Russia, and has therefore today suspended our sales there,” the statement read. .