By Joshua Kirby 
 

Hermes International SCA will close its stores in Russia from Friday as the country's invasion of neighboring Ukraine continues.

In a statement posted on its LinkedIn page, the French luxury-fashion firm said it was "deeply concerned" by the situation in Europe, and would temporarily close its Russia stores from Friday evening, pausing all commercial activity in the country.

"We will continue to stand by our local teams," the company added.

Hermes operates three stores in Russia, all in the capital Moscow, according to its website. At its recent 2021 results, the company didn't specify how much revenue it made in the country, and didn't immediately respond to a request for comment from Dow Jones Newswires.

However, analysts have noted that the European luxury-goods sector as a whole makes only a small proportion of its total sales in Russia. Overall sales in Russia and Ukraine combined make up around 2% of the sector's total, rising to 4% when including Russians abroad, according to Bernstein's Luca Solca.

 

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

 

(END) Dow Jones Newswires

March 04, 2022 08:06 ET (13:06 GMT)

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