Unlike the Chinese customers, luxury can survive without the Russians
Large luxury companies remain in Russia, on the other hand, one by one, the luxury groups decide to lower the curtain during the war in Ukraine. With discretion, however, through simple press releases, broadcast on social networks, because such a decision will undoubtedly not be without consequences.
Vogue Ukraine magazine calls on luxury brands to boycott Russia in support of Ukraine, invaded by the Russian army.
French luxury giant LVMH has 124 stores in Russia, but the economic stakes are not huge since the Russians represent only 2% of LVMH’s customers, which are very focused on China and the Middle East.
Chanel, Hermès, Balenciaga… All these brands have also stopped selling to Russia. Consumer brands like ASOS, H&M and Mango have made the same decision. These brands will certainly lose money, but in terms of image, it would be catastrophic to continue to deliver to Russians whose image is tarnished on the international scene.
On Friday, March 4, the French group Kering, owner in particular of the Italian house Gucci, also announced the temporary closure of its stores in Russia.
GOSSIP
Valentin Yudashkin, a famous Russian stylist has been banned from Fashion Week altogether. He imagined the new uniforms of the Russian army and he is mainly criticized for his silence about the war in Ukraine.
Unlike the Chinese customers or the Arabs customers, luxury can survive without the Russians.
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