Luxury jewelry companies cease operations in Russia; donate for relief efforts


French luxury conglomerate Louis Vuitton Moët Hennessy (LVMH) has announced that it has made an emergency contribution of 5 million euros (7.32 million Australian dollars) to support relief operations for people affected by the ongoing conflict. between Russia and Ukraine.

The donation is the first installment of contributions made to the International Committee of the Red Cross (ICRC), according to a statement posted on the group’s website.

“The LVMH group is closely following the tragic situation in Ukraine and stands alongside all those who are hard hit by this war,” the group said, noting that its first priority is the safety of the group’s 150 employees in Ukraine.

A fundraising campaign has also been launched through the LVMH network to raise funds for the ICRC for its ongoing relief operations in war-torn Ukraine.

“The LVMH group crisis committee is constantly monitoring the situation and will adapt its measures as needed,” added the group.

The LVMH group – which owns Bulgari, Chaumet and Fred, TAG Heuer, Zenith and Hublot – has ceased store operations in Russia with Richemont, Hermès, Chanel and the Kering group in light of the ongoing Russian invasion of the Ukraine.

The moves follow Swatch Group – which owns Omega, Longines, Tissot and Breguet, among others – which announced it had suspended exports and business operations after economic sanctions measures were imposed on Russia.

Kering, Chanel and Hermès made separate announcements of the closures on LinkedIn, while Kering and Chanel pledged to donate funds to support relief efforts.

De Beers donates $1 million

Meanwhile, the De Beers Group has donated US$1 million (A$1.35 million) to “aid organizations operating in the region and providing support to people affected by war”.

“De Beers Group was shocked by the violence in Ukraine and inspired by the bravery of its people,” the UK-based conglomerate said.

The group’s Anglo American Foundation, through its employee matching fund scheme, will also make employee contributions of up to £1,000 per person per year. The program is open to all permanent employees in the Anglo-American region who will donate money for relief efforts.

MOSCOW’S EMPTY SHOPPING CENTER

Moscow Central Department Store TSUM after global brands left the country.

More reading
Economic sanctions against Russia seem to have an impact on the diamond trade
Alrosa shows 50% increase in revenue; Russian-Ukrainian war could affect 2022 numbers