Russia news and archive

Why Russian diamonds remain a conundrum for European sanctions

In a parallel to the fashion industry, the diamond trade faces challenges in tracing the origins of its precious stones, maintaining an opaque nature. Just as a garment produced in Romania may bear a "Made in France" label upon receiving final touches there, such as the addition of a care label or a button, diamonds follow a similar pattern....

BusinessFeatured

Guess believed to have reacquired share of Russian business

In what has been deemed as an unusual move, American fashion label Guess has reportedly reacquired its stake from its Russian partner. The retailer is believed to have bought back its 30 percent share from local partner Vyacheslav Skikulov for eight million euros, according to Russian news outlet Kommersant. The publication also said Guess had...

Business

Fast Retailing denies reports of Uniqlo exiting Russia

Japanese group Fast Retailing has denied media speculation that its brand Uniqlo would be exiting Russia over one year on from when it first suspended operations in the region. In a statement to the press, Fast Retailing said: “In March 2022, Fast Retailing temporarily suspended operations in Russia, and that status remains unchanged. With no...

Business

G7 countries pushing for deal to ban sales of Russian diamonds

Ever since Russia invaded Ukraine in early 2022, a sore point of non-enforced sanctions has been the free flow of diamonds from Russia into Europe and the West. One of the reasons the sanctions have been bypassed is due to the revenue they bring to Antwerp and Belgian, arguably the diamond capital of the world, which relies heavily on Russian...

Culture

A fake Gucci café opened in Moscow

A Gucci eatery has popped in Moscow. With plush double G upholstery, tongue-in-cheek branding and a looming Café Gucci logo, it appears to be a bonafide hack not unlike the luxury house’s hacking of Balenciaga several seasons ago. Except that Gucci has paused operations in Russia, where like most international brands it has closed its stores...

BusinessFeatured

Inditex has sold its Russian business; what are the implications?

Russia's Ministry of Industry and Trade announced on Wednesday that the government commission in charge of overseeing foreign investment gave the green light to a deal under which Spain's Inditex could sell 100 percent of the shares of Novaya Moda (formerly Zara CIS), Inditex's Russian unit, to Fashion and More Management DMCC, a buyer from the...

Business

Russia agrees to Daher’s acquisition of Inditex subsidiary

The Russian government has announced the approval for the sale of New Fashion JSC, formerly Zara CIS, by the Spanish retail group Inditex to Fashion And More Management DMCC. The decision was confirmed to Russian media outlet RBC by the country’s deputy minister of industry and trade Viktor Evtukhov. It comes just over one year after Inditex...

Business

Paul Smith to close stores in Russia, admits continuing operations was 'mistake'

British brand Paul Smith has finally announced its departure from the Russian market, nearly one year after the country invaded Ukraine. The company is now reportedly set to close its two branded stores in St. Petersburg and Moscow’s Red Square. The news comes after an investigation by the Daily Mail found Paul Smith was one of three British...

RetailFeatured

Agent Provocateur under scrutiny for continuing to sell its lingerie in Russia

British lingerie brand Agent Provocateur has come under scrutiny for selling its collections in Russia. The business is operated indirectly via a franchise agreement, and has locally managed boutiques. Leave Russia, a team of Ukrainian researchers, analysts of KSE Institute and volunteers, launched a website in the early stages of the invasion,...

Fashion Featured

Russian oil linked to western fashion, says report

A new report has linked Russian oil to the clothes made by the world's leading retailers and brands, with hidden supply chains and tier 3 manufacturing contracts, despite the global sanctions in effect. Of the many brands having exited or paused sales within the Russian market, there is ample proof some are producing collections using Russian...

BusinessFeatured

Zara-owner Inditex to sell all businesses in Russia

Spanish fashion retailer Inditex said Tuesday it would sell its business in Russia, seven months after the Zara-owner halted its operations in the country following the invasion of Ukraine. "Inditex has reached an initial agreement for the sale of its business in the Russian Federation to Daher group, which has prominent interests in the retail...

Business

Former Sephora stores reopen in Russia under new brand

A number of former Sephora stores have reportedly reopened in Russia on Monday under its new ownership, Ile de Beauté. According to Reuters, the Russian firm, which recently bought up the LVMH-owned retailer’s subsidiaries in the region, had thanked returning customers in a message on its website and promised to provide a range of international...