Images and Article from www.businessoffashion.com.
Adidas and PVH are among the latest companies to close stores and pause commercial activities in Russia, joining a growing list of Western companies suspending business in the country following its invasion of Ukraine. Estée Lauder Companies, which suspended its business investments in Russia last week, has now also closed directly operated stores, brand websites, and shipments to Russian retailers, the company said in a statement. All three companies said their Russian employees would continue to receive compensation.
Elsewhere, Procter & Gamble, which counts beauty names SKII and Olay among its stable of brands, is “significantly reducing our product portfolio to focus on basic health, hygiene and personal care items needed by the many Russian families who depend on them in their daily lives,” president and chief executive Jon Moeller said in a letter to employees posted to the company’s website. The company has also ceased all new capital investments and suspended media and advertising activity in the country, it said.
Learn more:
Ukraine War: Fast Retailing Pledges to Stay in Russia
The Uniqlo owner said it will continue to operate in Russia, even international pressure in response to the country’s invasion of Ukraine sees waves of companies pull out.
Article shared from www.businessoffashion.com
