Hermès is the first luxury player to publicly announce it would be closing Russian stores in response to the invasion of Ukraine.
In addition, LVMH is launching a fundraising campaign in support of the ICRC to facilitate the contributions of its employees.
Hermès has three Russian boutiques, all in Moscow, although certain of its product categories, like fragrances, have significantly broader distribution. Swiss watchmaker Swatch Group, meanwhile, said it had halted shipments to Russia, although its stores remain open.
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