Announcing aid for refugees, luxury fashion walks away from business in Russia

The world's leading luxury brands have announced that they plan to temporarily close stores and pause business operations in Russia. Pictured here is the Hermes Autumn/Winter 2022 collection fashion show in Paris. Photo: AFP

The world's leading luxury brands said on Friday (March 4) that they planned to temporarily close stores and pause business operations in Russia. Birkin bag maker Hermes and Cartier owner Richemont were the first firms to announce such moves, followed by LVMH, Kering and Chanel.

Doing business in Russia has become complex since Russia's invasion of Ukraine, which prompted the US, Britain and the European Union to impose sweeping sanctions.