Hermès Temporarily Closes Russia Stores

French luxury brand, Hermès, has revealed that it will temporarily close all its stores in Russia. The move to close its stores follows the growing concern around the events in Europe.

The luxury brand’s move to close its three stores in the country follows growing concerns around Russia’s unprovoked attack on Ukraine.

“Deeply concerned by the situation in Europe at this time, it is with regret that we have taken the decision to temporarily close our stores in Russia and pause all our commercial activities from the evening of March 4th,” said the company in a LinkedIn post.

Other brands and retailers such as IKEA and H&M have also suspended their operations in Russia.

IKEA, for one, is one of the first global businesses to pull the plug in not just Russia but also Belarus, which has played an instrumental role in facilitating Russia’s attack on Ukraine. The company operates 17 locations in Russia, along with one distribution center. As of August last year, Russia was the 10th largest market for the retailer, accounting for 4% of total retail sales worth $1.8 billion. Belarus, meanwhile, is just a sourcing market and has no IKEA stores in the country.

The impact of the ongoing war is also reverberating across global markets. Fast-fashion retailer, SHEIN, had to put off its U.S. IPO plans on hold due to the volatility in the market that has come as a result of Russia’s invasion of Ukraine.

Hermès Moves U.S. Headquarters To Former Sony Building

Originally published at https://retailbum.com on March 4, 2022.

--

--

--

Retail News and Analysis

Recommended from Medium

A Fresh Slate

Global Search Engines Changing, Block Chain Search Attracts Great Attention

Big Players in InsurTech You Can’t Afford Not to Know

Big Ideas: “We can reduce fashion waste with custom clothing made for your body” with Ray Li of…

ForeverGreen review is it a scam?

Open Banking with APIs and iPaaS: Pathway to the future!

Oprah Winfrey, Reese Witherspoon Invest In Spanx

Building an e-commerce business in the challenging #coronavirus context: lessons on learning to…

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Retail Bum

Retail Bum

Retail News and Analysis

More from Medium

The First Weekend of War

Thoughts: A Ramble on Inherent Goodness/Evil

The Ukrainian Crisis

Sanctions Not the Way to Prevent Russia from Attacking Ukraine.