Global Perspective: French Luxury Giants Announced To Suspend Sales In Russia

The French luxury giant announced with other companies that they would suspend sales in Russia in the ongoing war in Ukraine.

LVMH, Hermes, Kering and Chanel said on Friday that they had decided to temporarily close their stores in Russia.

Earlier, high-end stores in Ukraine called for "standing up" after the invasion of the country.

So far, luxury retailers have been largely excluded from the sanctions imposed by Western governments.

However, after measures were taken in the UK, the EU and the US, many people found it more difficult to carry out business and fulfill orders in the region.

Hermes, the manufacturer of expensive platinum bags, and Richemont Group, the parent company of Swiss Cartier, were among the first companies to announce that they would suspend their business in Russia.

LVMH Group, which owns Dior, Givenchy and Bulgari brands, will close its 124 boutiques in China from Sunday.

Chanel, who is famous for her terry jacket, said in a post on LinkedIn: "In view of our growing concern about the current situation, increasing uncertainty, and increasingly complex operation, Chanel decided to temporarily stop its business in Russia."

Kaiyun Group is the location of Gucci and Saint Laurent. It has two stores in Russia and 180 employees in the country.

The French company said its decision was due to "growing concerns about the current situation in Europe".