Russia news and archive

Luxury Western goods line Russian stores, three years into sanctions

Despite a barrage of Western sanctions and swathes of brands quitting Russia after the Kremlin launched its Ukraine offensive, Moscow's most well-off shoppers are still spoilt for choice when it comes to luxury Western goods. In the Russian capital's exclusive shopping quarters, department stores and high-end Russian outlets are doing a roaring...

Business

Unilever sells Russian business

Unilever has announced the sale of its Russian business following mounting pressure on the cosmetics and personal care giant. The move was revealed in a statement from group’s CEO Hein Schumacher, who said that the subsidiary was offloaded to Arnest Group, a Russian manufacturer of perfume, cosmetics and household products. The sale will include...

Business

Russia's Wildberries completes controversial merger: CEO

Russia's largest online retailer Wildberries has completed a controversial merger deal, its CEO said Tuesday, following a bitter takeover dispute that led to a deadly shootout at its Moscow office. Founder Tatyana Kim, Russia's richest woman, and her estranged husband Vladislav Bakalchuk have been embroiled in a public spat for months over...

Business

Hugo Boss sells Russian business to Stockmann

German fashion brand Hugo Boss has sold its business in Russia to its wholesale partner Stockmann. A purchase price was not disclosed, according to reporting news platform Reuters, however it is known that Russia requires foreign companies to sell assets at a discount of at least 50 percent. In its 2023 annual report, Hugo Boss valued the assets...

Business|Interview Featured

Designer Tony Ward: ‘The ban on the Russian market is a catastrophe for the world of Couture’

On the heels of Paris Haute Couture Week January 2024, FashionUnited caught up with Lebanese designer Tony Ward, who presented his SS24 collection at the Palais de Tokyo. During the conversation, Ward spoke about his beginnings in fashion, the business of Couture, from private clients to the red carpet, Lebanon and the consequences of the...

Fashion

Beauty giant Avon criticised for links to Russia

Beauty giant Avon is facing criticism for maintaining business ties with Russia amid the ongoing conflict in Ukraine. Despite an earlier announcement about halting investments and suspending exports from Russia, Avon continues to recruit sales agents and operate a substantial production plant in the Moscow region, reported the BBC. Avon's parent...

Business

Decathlon reportedly still doing business in Russia

French sports retail giant Decathlon has sold goods to Russia despite promising not to, an analysis by research firm Disclose showed. This news comes after Decathlon announced in an official statement on 29 March 2022 that "in solidarity with colleagues" in Ukraine and neighbouring countries it would no longer supply Russia. Decathlon also...

Business

'Made in Russia' fashion struggles to fill gap

Moscow - Despite staff shortages, a lack of equipment and dwindling fabric supplies, Russia's fashion industry is rushing to fill the gap left by the departure of major Western labels. Dozens of brands like Adidas, H&M and Zara have shut up shop in Russia since the conflict in Ukraine began last year, while Western sanctions have cut off access...

Business

Why Russian diamonds remain a conundrum for European sanctions

In a parallel to the fashion industry, the diamond trade faces challenges in tracing the origins of its precious stones, maintaining an opaque nature. Just as a garment produced in Romania may bear a "Made in France" label upon receiving final touches there, such as the addition of a care label or a button, diamonds follow a similar pattern....

BusinessFeatured

Guess believed to have reacquired share of Russian business

In what has been deemed as an unusual move, American fashion label Guess has reportedly reacquired its stake from its Russian partner. The retailer is believed to have bought back its 30 percent share from local partner Vyacheslav Skikulov for eight million euros, according to Russian news outlet Kommersant. The publication also said Guess had...

Business

Fast Retailing denies reports of Uniqlo exiting Russia

Japanese group Fast Retailing has denied media speculation that its brand Uniqlo would be exiting Russia over one year on from when it first suspended operations in the region. In a statement to the press, Fast Retailing said: “In March 2022, Fast Retailing temporarily suspended operations in Russia, and that status remains unchanged. With no...

Business

G7 countries pushing for deal to ban sales of Russian diamonds

Ever since Russia invaded Ukraine in early 2022, a sore point of non-enforced sanctions has been the free flow of diamonds from Russia into Europe and the West. One of the reasons the sanctions have been bypassed is due to the revenue they bring to Antwerp and Belgian, arguably the diamond capital of the world, which relies heavily on Russian...