THE WHAT? LVMH-owned Sephora has announced that it is planning to sell its Russian subsidiary to the current local GM, according to a report published by Reuters.
THE DETAILS Financial terms of the deal were not disclosed but the selective perfumery chain’s 88 Russian stores are expected to revert to their Ile de Beaute branding.
Sephora’s Russian stores have been shuttered since early March after the retailer joined a slew of western brands exiting the market amid safety and ethical concerns over the invasion of Ukraine.
THE WHY? Russia recently announced plans to seize the assets of foreign businesses, prompting many to call time on the market once and for all.