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LVMH to ‘temporarily’ close its 124 shops in Russia -Breaking

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© Reuters. The LVMH logo can be seen before the release of their 2019 results, which was made in Paris, France on January 28, 2020. REUTERS/Christian Hartmann

PARIS (Reuters) – French luxury company LVMH will temporarily close its 124 Russia-based stores starting Sunday, a group spokesperson said to Reuters.

According to a spokesperson, the group made the decision due to “the current conditions in the region”.

Russia is a complex country to conduct business after Russia’s invasion. The United States, Britain, and the Europe Union imposed severe sanctions.

An announcement was made by the Birkin bag maker Hermes as well as Richemont, the owner of Cartier. These were both the first luxury global firms to suspend commercial activities in this country.

According to the spokesperson, Russia’s 3500 employees will continue to get their salaries and benefits.

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