LVMH's Sephora Pulls Out of Russia
July 11 2022 - 1:03PM
Dow Jones News
By Cristina Roca
Beauty-products retailer Sephora has agreed to sell its Russian
subsidiary, it said Monday.
The company, which has 88 stores in Russia as of today, said it
signed an agreement to sell 100% of its Russian subsidiary to its
local general manager. The business will be operated under the Ile
de Beaute brand.
Financial details weren't disclosed.
Sephora's parent company, luxury-goods conglomerate LVMH Moet
Hennessy Louis Vuitton SE, said it would temporarily close its
stores in Russia shortly after the country's invasion of
Ukraine.
Write to Cristina Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
July 11, 2022 12:48 ET (16:48 GMT)
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