Shelves in luxury stores in Russia are completely empty as the likes of Prada and Gucci halt operations in the country: photos
Marielle Descalsota
- Some of the world's most prominent luxury brands, including Prada, Hermes, and Chanel, have ceased operations in Russia.
- The exodus has left many high-end department stores empty.
In the aftermath of Russia's unprovoked invasion of Ukraine, many companies have abruptly ceased operations in Russia. Among those companies are luxury brands, and their departure has left some stores completely empty.
Some of the world's most prominent fashion brands, including Prada, Hermes, and Chanel, have ceased operations in Russia.
The exodus has left many high-end department stores — like GUM and Tsum — empty.
Investment bank Jefferies estimated that Russian spending on luxury goods amounted to $9 billion in annual sales, reported Reuters.
Richemont, the parent company of Cartier and Hermes, was the first luxury company to cease operating in Russia, per Reuters. Its stores ceased operations on March 4.
Hermes has three stores in Moscow and had plans to open a store in St. Petersburg, the wire agency reported.
"Deeply concerned by the situation in Europe at this time, it's with regret that we have taken the decision to temporarily close our stores in Russia and pause all our commercial activities," the company said in a LinkedIn post on March 6. "We will continue to stand by our local teams."
Italian luxury group Prada, which has stores at the Gum and Tsum malls (pictured below), stopped retailing in Russia on March 5, according to Reuters.
"Our primary concern is for all colleagues and their families affected by the tragedy in Ukraine, and we will continue to support them," Prada told the wire.
The company announced it would be donating to the UNHCR and the UN Refugee Agency in a Twitter post on March 3.
LVMH, the parent company of Louis Vuitton, had more than 120 stores in Russia. All stores, including its GUM outlet (pictured below), closed on March 6, according to The New York Times.
A spokesman told The Times LVMH would continue to pay its 3,500 employees in Russia.
In addition to Louis Vuitton, the company also owns Christian Dior, Fendi, and Givenchy.
In an Instagram post on March 3, LVMH announced it would be making a donation of five million euros ($5.47 million) to the International Committee of the Red Cross.
Kering, which owns Gucci, also announced the closure of its stores in Russia on March 6.
"Due to growing concerns regarding the current situation in Europe, Kering is temporarily closing its stores in Russia for its Houses that the Group operates directly in the country," the company said in a post on LinkedIn.
"Kering and its Houses will continue to support the local teams and to closely monitor the evolving situation," the company added.
Kering also owns other famed fashion houses including Bottega Veneta, Balenciaga, and Saint Laurent. It said it will continue to support its 180 employees in the country, according to Reuters.
Gucci has 13 outlets in Russia, per the fashion house's official website.
READ MORE ARTICLES ON
Popular Right Now
Popular Keywords
Advertisement