Popular cosmetics and beauty products retailer Sephora has announced that it is permanently leaving Russia, making it the latest brand to end operations in the country following its invasion of Ukraine.
In an announcement on Monday (11 July) the brand’s parent company, LVMH, said it is selling 100 per cent of Sephora’s Russian business to the local general manager.
Going forward, the brand will operate under its new owner, Ile de Beauté.
The sale will allow LVMH to move its business out of the country while ensuring its Russian employees keep their jobs.
“This transaction is subject to clearance by relevant authorities, including anti-trust authorities,” LVMH said in a statement. The company did not disclose the value of the sale.
News of the exit comes as Russia’s war on Ukraine approaches its sixth month.
According to the latest figures from the United Nations High Commissioner for Refugees, more than 8.7 million Ukrainians have fled their home country since the violence began on 24 February.
Sephora has 88 stores in Russia and approximately 1,200 employees.
All Sephora locations have been closed in Russia since March when LVMH – the world’s largest luxury goods conglomerate – announced it is suspending trade in the country in the wake of the war.
It is not the only beauty business to cease operations in Russia.
L’Oréal, which owns brands including NYX, Maybelline, Giorgio Armani and Urban Decay, has temporarily closed all its shops and counters in department stores.
In April, Coty – the parent company of Max Factor, CoverGirl and Kylie Skin – announced it was winding down its operations in Russia. The beauty brand said sales in the country make up 3 per cent of its total business.
Russia’s fashion industry has also suffered. LVMH’s exit saw the closure of popular brands such as Louis Vuitton, Christian Dior, Kenzo and Givenchy.
Kering, which owns Bottega Veneta, Gucci and Saint Laurent, has also stopped trading in the country.
