Chanel and Hermes announced they would temporarily suspend sales in the country.
Giorgio Armani has not said if it plans to stop sales in Russia, but Mr Armani said he told his team to not play any music at its recent Paris fashion show to "communicate that we are not celebrating here".
While affluent Russians are keen consumers of luxury goods, analysts say the proportion of luxury sales generated in Russia is small compared to the industry's key markets - China and the United States. "There's a huge devaluation of the rouble so one of the ways they try to cushion it would be to buy expensive jewellery products.Prof. Etel Solingen from the University of California's School of Social Sciences told BBC News that targeted sanctions on luxury goods might target those closely linked to the upper levels of power in Russia.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Airbnb suspends 90,000 rentals in RussiaThe company also said it would house 100,000 Ukrainians who have been forced to flee due to the Russian invasion.
Weiterlesen »
Airbnb suspends all operations in Russia and BelarusBan extends to users from those countries trying to book, after Vladimir Putin’s invasion of Ukraine
Weiterlesen »
Zara, Paypal and Samsung suspend business in Russia over Ukraine invasionInditex, which owns Zara and several other major brands, will close all of its 502 stores in Russia.
Weiterlesen »
Tube Strike: London Underground disruption continues after second walkout endsMost London Underground lines remain suspended or part suspended after a 24-hour walkout ended.
Weiterlesen »
Tube Strike: London Underground disruption continues after second walkouts endsMost London Underground lines remain suspended or part suspended after a 24-hour walkout ended.
Weiterlesen »