The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
In a message on its website, Ile de Beauté thanked returning customers, promising a wide range of international brands, and said that previously purchased gift cards would still be valid.
“A lot has changed in the time since our last meeting,” the company said. “We were forced to suspend operation at our shops, but have retained all jobs and continued to support employees, while working in parallel on redesigning the company’s internal processes.”
Scores of Western retailers closed in early March and while some have since extricated themselves fully, in the luxury retail space, many stores have simply remained temporarily closed in Moscow for months, with items removed from displays.
Sephora, which had 88 stores in Russia with 1,200 employees, in July said it had agreed to sell 100 percent of the shares of its subsidiary in Russia to its local general manager. Sephora on Monday said the deal had closed on Oct. 7.
Ile de Beauté is a local chain Sephora 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.
By Alexander Marrow; additional reporting by Mimosa Spencer; Editing by Bernadette Baum and Louise Heavens
*This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine
Learn more:
It’s Time for Fashion Brands to Exit Russia
H&M’s decision to permanently close its Russian stores is a signal that fashion brands can no longer take a wait-and-see approach to the war in Ukraine.
BoF’s Imran Amed sits down with Priya Rao, executive editor of The Business of Beauty, to go inside the findings of our new report ‘The State of Fashion: Beauty.’
Join us next week for The Business of Beauty Global Forum 2023 livestream on Tuesday May 30 and Wednesday May 31, available to BoF Professional All-Access and BoF Professional Beauty & Wellness members.
Catch up on the social platform’s newest it influencer and learn about the beauty products that have TikTok divided.