Condé Nast Halts Publishing Operations in Russia

The media giant sent a memo to all employees Tuesday morning, citing censorship concerns.

“With journalists and editorial teams around the world, it is paramount that we are able to produce our content without risk to our staff’s security and safety. Recently, the Russian government passed new censorship laws that now make it impossible for us to do so,” chief executive Roger Lynch wrote.

Condé Nast began publishing content in Russia in 1998. It operates several magazines in the country, including Vogue, GQ, Architectural Digest and Glamour, as well as CNX Russia, a creative agency.

— Chavie Lieber

Swatch Group Reverses Course and Suspends Sales in Russia

Swatch Group, the producer of luxury Swiss watch brands including Omega and Blancpain, said it has suspended retail operations in Russia.

The move comes after the watchmaker said last week that it would continue operating stores in Russia, while halting exports to that country. It underscores the difficulty luxury brands are having operating in Russia following its invasion of Ukraine and sanctions imposed by the US, Europe and Switzerland.

Swatch’s suspension of Russian activities follows similar moves by rival Richemont and closely held Audemars Piguet.

The company said it would retain its staff in Russia in hopes the situation would improve.

“We are very loyal to all our employees worldwide, even in difficult times, and we continue to keep them on board, hoping for better times,” a spokesman said in a statement.

— Bloomberg; By Andy Hoffman

Estée Lauder, Adidas, PVH Close Stores in Russia

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 SK-II 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.

— Tamison O’Connor

Swiss Watchmaker Rolex Joins Peers in Russia Export Halt

Rolex, the biggest luxury Swiss watch brand, joined peers Swatch Group and Richemont in halting exports to Russia.

The only Rolex watches currently being sold in Russia are by independent and privately owned local retailers with inventory that was delivered before Russia’s invasion of Ukraine, a company spokeswoman said by email.

With 8 billion Swiss francs ($8.6 billion) in annual sales, according to Morgan Stanley, closely held Rolex dominates the Swiss luxury watch sector with a total market share of about 29 percent.

Rolex does not own any companies or properties in Russia, the spokeswoman said.

— Bloomberg; Andy Hoffman