LVMH’s Sephora to Sell its Russian Subsidiary

A woman wearing a protective face mask passes a Sephora signage at a mall, amid the coronavirus disease (COVID-19) outbreak in Singapore May 27, 2020. (Reuters)
A woman wearing a protective face mask passes a Sephora signage at a mall, amid the coronavirus disease (COVID-19) outbreak in Singapore May 27, 2020. (Reuters)
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LVMH’s Sephora to Sell its Russian Subsidiary

A woman wearing a protective face mask passes a Sephora signage at a mall, amid the coronavirus disease (COVID-19) outbreak in Singapore May 27, 2020. (Reuters)
A woman wearing a protective face mask passes a Sephora signage at a mall, amid the coronavirus disease (COVID-19) outbreak in Singapore May 27, 2020. (Reuters)

LVMH's retail beauty brand Sephora is selling its Russian subsidiary to the local general manager of the chain, the French company said on Monday, joining a flood of Western businesses leaving the country.

Sephora, which has 88 stores in Russia with 1,200 employees, will now operate under the "Ile de Beaute" brand, a local chain it bought in 2016, a few years after an initial investment.

The retail chain began rebranding stores in Russia under the Sephora banner in 2018 and was still in the process of doing so when the global pandemic hit in 2020.

The beauty retailer's stores in Russia have been closed since early March, when LVMH and other luxury goods companies announced they were suspending operations in the country in the wake of Russia's invasion of Ukraine.

LVMH said in March that it had a total of 124 stores and 3,500 employees in Russia.

Leading European luxury labels Burberry, Hermes, Cartier-owner Richemont, Kering and Chanel temporarily closed their stores in Russia after the Ukraine invasion, which prompted a wave of sanctions from the United States and the European Union.

Sephora said the deal, which would clear the way for the reopening of the chain, was subject to antitrust clearance. It did not disclose the price of the transaction.

Plans for a law allowing Moscow to seize the assets of foreign businesses and impose criminal penalties have prompted some to accelerate their departure, such as Nike, which decided to leave last month after suspending operations in March.



Belgian Designer Meryll Rogge Appointed Marni's Creative Director

FILE - Fashion designer Francesco Risso in the backstage prior to a Marni Fall/Winter 2025-2026 Womenswear fashion show, during the Fashion Week, in Milan, Italy, Wednesday, Feb. 26, 2025. (AP Photo/Luca Bruno, File)
FILE - Fashion designer Francesco Risso in the backstage prior to a Marni Fall/Winter 2025-2026 Womenswear fashion show, during the Fashion Week, in Milan, Italy, Wednesday, Feb. 26, 2025. (AP Photo/Luca Bruno, File)
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Belgian Designer Meryll Rogge Appointed Marni's Creative Director

FILE - Fashion designer Francesco Risso in the backstage prior to a Marni Fall/Winter 2025-2026 Womenswear fashion show, during the Fashion Week, in Milan, Italy, Wednesday, Feb. 26, 2025. (AP Photo/Luca Bruno, File)
FILE - Fashion designer Francesco Risso in the backstage prior to a Marni Fall/Winter 2025-2026 Womenswear fashion show, during the Fashion Week, in Milan, Italy, Wednesday, Feb. 26, 2025. (AP Photo/Luca Bruno, File)

Meryll Rogge has been appointed as new creative director of Marni, the Italian fashion house and its owner OTB said on Tuesday.

The Belgian designer launched its own eponymous brand in 2020, after working at Marc Jacobs and Dries Van Noten.

"Meryll impressed us with the sensitivity she brought to reinterpreting the brand's DNA, offering a contemporary vision that embraces Marni globally and across all its dimensions", said Renzo Rosso, chairman of OTB (Only The Brave).

Last month Marni parted ways with its creative director Francesco Risso after almost ten years.