Following reports that the brand is refusing to sell products to Russians abroad unless they agree not to wear or use them in their home country, some have taken to social media, cutting up Chanel handbags in protest.

The Russian Union of Shopping Centers is reportedly in negotiations with retailers from Turkey, China, India and Brazil to open new stores in the country’s shopping centers.

Until recently, international tenants occupied 34 percent of leasable space in Moscow’s main shopping centres, and 22 percent in its smaller centres.

The billionaire widely known as Russia’s richest self-made woman has seen the value of her fashion e-commerce company fall from $7.6 billion to $4.2 billion within the last month.

The renowned Russian fashion designer was scheduled to have his latest collection shown virtually on Mar. 8 as part of the event.

Russia’s leading off-price retailer reported annual revenue of 34 billion roubles ($453 million) last year, reflecting a 36 percent rise over 2020.

Despite concerns about a potential military escalation between Russia and Ukraine amid growing US-Russia friction the 25th anniversary edition of the event went ahead without disruption.

The company was unable to make necessary shifts to keep up with online demand and suffered from both falling foot traffic and rising costs after its founder’s death.