In a memo to staffers, Hearst Magazines president Debi Chirichella said it had notified its two partners in Russia, Shkulev Media and Fashion Press, that, effective immediately, it is exiting these partnerships by turning its equity over to them and, in the case of Fashion Press, terminating its licensing agreements of its owned brands.
Through its venture with Shkulev Media, it published Elle Russia, while through its partnership with Fashion Press, it published Esquire, Harper’s Bazaar, Good Housekeeping, Cosmopolitan and Men’s Health in Russia.
“While we firmly believe our brands play a critical role in engaging and informing audiences on a range of subjects, including current events, the escalation of the humanitarian crisis and our deep concern about the broader impact it could have has forced us to reassess our role — and our responsibility — as a global business,” she explained.
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“We know that there will be individuals who are impacted by this decision and, as always, will be providing resources to help ease their transition,” Chirichella stated.
Earlier this week, Condé Nast, the publisher of Vogue, GQ and Vanity Fair, halted its operations in Russia, with Roger Lynch, the company’s chief executive officer, stating that the recent censorship laws passed by the Russian government have made it impossible for the company to operate in the market.
“To that end, we have decided to suspend all of our publishing operations with Condé Nast Russia at this time,” he said, adding that “with journalists and editorial teams around the world, it is paramount that we are able to produce our content without risk to our staff’s security and safety.”
A number of luxury and fashion companies, including LVMH Moët Hennessy Louis Vuitton, Hermès, Kering, Burberry and Chanel have halted trading in Russia in the past week.