Doing business in Russia has become complex since Russia's invasion of Ukraine, which prompted the United States, Britain and the Europe Union to impose sweeping sanctions."Given our increasing concerns about the current situation, the growing uncertainty and the complexity to operate, Chanel decided to temporarily pause its business in Russia," the French luxury fashion house said in a LinkedIn post.
French multinational Kering, whose brands include brands as Gucci, Saint Laurent, Bottega Veneta and Boucheron among others, has two shops and 180 employees, which the company will continue to support. Richemont, which also owns Dunhill, Jaeger-LeCoultre, Montblanc, Piaget, and Van Cleef & Arpels among other brands, has around a dozen directly operated stores, mostly in Moscow. It said in a statement it had suspended commercial activities in Russia on March 3 after stopping Ukraine operations on Feb. 24, the day Russia launched its invasion.
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