LVMH Moët Hennessy Louis Vuitton is the latest luxury brand to “temporarily” close its stores in Russia.
An LVMH spokesperson told WWD its boutiques could close effective on Sunday “given the current circumstances in the region.”
The spokesperson noted that the French group stands “alongside its 3,500 employees in Russia, and their families,” adding that these employees would “continue to receive their salary and benefits during this period” and receive assistance from the LVMH Heart Fund, its financial and psychological support program.
It is believed the conglomerate, which has more than 70 brands in fashion, beauty, retail and spirits, operates about 120 stores in Russia.
Earlier this week, the luxury giant said it was making “a first emergency donation” of 5 million euros to support the International Committee of the Red Cross, ICRC. The group said it has 150 employees in Ukraine, and is also providing them with “essential financial and operational assistance.”
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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.