politicodiary

Russia is not only losing energy bigwigs deserting its business there; it is also losing all the bigger international brands that are winding shop from various cities in Russia. The huge brands have been said to have temporarily closed business and are showing extreme concern about the safety of European nations. The ones to wind up business currently includes Birkin bag maker Hermes and Cartier owner Richemont as the first firms to announce such moves, followed by LVMH, Kering and Chanel as well. In the understanding of critics, everyone is wishing to withdraw any connection with Russia at the moment. The Ukrainian war has already prompted the United States, Britain and the Europe Union to impose sweeping sanctions on Kremlin. A formal statement from the luxury giant LVMH has confirmed that they will close their 124 boutiques in Russia from Sunday but will continue to pay the salaries for its 3,500 employees in the country. They own brands like Christian Dior, Givenchy, Kenzo, T...