The luxury giant said it would temporarily shutter its stores in Russia beginning Sunday.
In addition, LVMH is launching a fundraising campaign in support of the ICRC to facilitate the contributions of its employees.
The development came on the same day that Hermès said it would be shuttering its stores and halting operations in Russia, effective Friday evening, in response to the country’s invasion of neighboring Ukraine. “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 post on LinkedIn. “We will continue to stand by our local teams.”
Hermès has three Russian boutiques, all in Moscow, although certain of its product categories, like fragrances, have significantly broader distribution. While several apparel and consumer-goods companies have said over the past few days that they would be temporarily shutting up shop in Russia in support of Ukraine, luxury goods brands are now taking similar steps.
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