The cosmetics chain Sephora, which belongs to the French luxury goods group Moët Hennessy Louis Vuitton (LVMH), has sealed its withdrawal from Russia. On Monday, the company announced that it had sold all shares in its Russian subsidiary to the local managing director. According to a statement, this solution was chosen to ensure “continuity” for the employees concerned.
The retail chain will continue its activities in Russia under the name “Ile de Beauté”. Financial details of the transaction, which still require the approval of the responsible competition authorities, were not published.
According to reports, Sephora recently had 88 branches and around 1,200 employees in Russia. The cosmetics retailer suspended its activities in the country at the beginning of March, shortly after the start of the Russian war of aggression against Ukraine.