In the days following the Russian invasion of Ukraine, a host of corporations with an international reach responded with an eye towards economic pressure towards the Putin regime. Earlier this month, Apple confirmed that it was halting sales of all official products at Apple Stores in Russia. A recent BBC report also cited Nike and Google as other examples of corporations taking action in response to recent events.
Now, we can add two more names to that list. The New York Times reported that LVMH and Hermès have both opted to temporarily close their stores throughout Russia.
LVMH operates 120 stores in Russia which employ 3,500 people. According to the Times, it plans to continue paying their salaries and benefits throughout the temporary closure. Via a post on LinkedIn, Hermès took a similar approach. “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 from March the 4th evening,” the company wrote. “We will continue to stand by our local teams.”
According to a report from the Wall Street Journal, Hermès has three locations in Moscow, including one in Red Square. Overall, the Journal notes, luxury products are a $9 billion industry in Russia — one which is increasingly taking a stand against the invasion.
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