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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