Hermes Closes Moscow Stores
March 04 2022 - 8:21AM
Dow Jones News
By Joshua Kirby
Hermes International SCA will close its stores in Russia from
Friday as the country's invasion of neighboring Ukraine
continues.
In a statement posted on its LinkedIn page, the French
luxury-fashion firm said it was "deeply concerned" by the situation
in Europe, and would temporarily close its Russia stores from
Friday evening, pausing all commercial activity in the country.
"We will continue to stand by our local teams," the company
added.
Hermes operates three stores in Russia, all in the capital
Moscow, according to its website. At its recent 2021 results, the
company didn't specify how much revenue it made in the country, and
didn't immediately respond to a request for comment from Dow Jones
Newswires.
However, analysts have noted that the European luxury-goods
sector as a whole makes only a small proportion of its total sales
in Russia. Overall sales in Russia and Ukraine combined make up
around 2% of the sector's total, rising to 4% when including
Russians abroad, according to Bernstein's Luca Solca.
Write to Joshua Kirby at joshua.kirby@wsj.com;
@joshualeokirby
(END) Dow Jones Newswires
March 04, 2022 08:06 ET (13:06 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Hermes (EU:RMS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Hermes (EU:RMS)
Historical Stock Chart
From Apr 2023 to Apr 2024