The world's largest luxury players including Chanel, LVMH, Kering, Hermès, and Richemont have one by one announced a pause in Russian commercial trading overnight.
The domino effect of store closures means the most high-end jewelry and luxury products from Louis Vuitton to Gucci will not be available on the ground in Russia as the war in Ukraine escalates. Some brands were cautious not to critique Russian President Vladimir Putin or label it a war in their public statements, with many employing staff locally.
Kering said in a statement Friday evening that company stores, which include Gucci, Balenciaga, and Saint Laurent, will close temporarily due to "growing concerns regarding the current situation in Europe". Chanel said Friday it closed its boutiques in Russia and suspended its e-commerce business in the country due to "increasing concerns about the current situation, the growing uncertainty and the complexity to operate". LVMH also closed stores and paused local operations on Friday.
On Friday, Hermès also shared a statement on LinkedIn that it would close stores and pause all commercial activities in Russia for the foreseeable future. Richemont has closed its stores and suspended business in Russia as of 3 March.ByPop CultureGeorgiaJust nowOptions