The conglomerate of the richest man on the planet lost 210 million euros from the sale of the Sephora cosmetics chain in Russia. Louis Vuitton Moet Hennessy Bernard Arnault sold the Sephora stores to local senior management and opened Ile de Beaute in their place.
Louis Vuitton Moet Hennessy (LVMH) presented its annual financial statements, which reflected the losses received from the sale of the Sephora store chain in Russia.
After the start of a special operation in Ukraine, the company decided to leave the Russian market and sold the Sephora business to local top management. LVMH estimated the loss from the deal at 210 million euros.
The deal to transfer 88 Sephora stores to CEO Evgeny Drozdov was completed in October 2022. Ile de Beaute opened on the site of former Sephora outlets.
In March 2022, Sephora suspended its operations in Russia and closed stores, but continued to pay salaries to employees.
Author:
Kirill Bilyk
Source: RB
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