Dry, which houses brands such as Gucci, Saint Laurent, Bottega Veneta and Boucheron, has closed two shops and 180 workers, which will continue in stages. Meanwhile, Richemont also oversees Dunhill. Jaeger-LeCoultre, Montblanc, Piaget, and Van Cleef & Arpels, have more than 12 stores located in Moscow. However, its activities have been suspended in Russia since March 3.
Hermes has three stores in Moscow already has plans to open an outlet in St. Petersburg, the end of 2022. Investment bank Jefferies estimates that Russians account for about $9 billion in annual luxury sales, which is about 6% of China’s spending and 14% of US spending on luxury goods.