Mar 4, 2022
French designer giants suspend sales in Russia
French luxury giants have joined other firms in announcing they will suspend sales in Russia amid the ongoing war in Ukraine. While affluent Russians are keen consumers of luxury goods, analysts say the proportion of luxury sales generated in Russia is small compared to the industry's key markets - China and the United States. Analyst Luca Solca, of Bernstein Research, said luxury fashion in Russia makes up about 2% of global revenues for most companies. Prof. Etel Solingen from the University of California's School of Social Sciences told BBC News that targeted sanctions on luxury goods might target those closely linked to the upper levels of power in Russia. "Who can afford to buy luxury items in Russia?... It may be a small fraction of Russia's growing penalties for what it has unleashed on the Ukraine, but they target a constituency that is better positioned to express discontent," she said.
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