Former Sephora stores reopen in Russia under new ownership, Ile de Beauté brand
Reuters
Published Oct 10, 2022 07:38AM ET
Updated Oct 10, 2022 09:01AM ET
MOSCOW (Reuters) -Some of LVMH retail beauty brand Sephora's stores reopened in Russia on Monday as Ile de Beauté, the Russian firm said, the latest rebranding in the country's retail space as firms exit the country over Moscow's actions in Ukraine.
In a message on its website, Ile de Beauté thanked returning customers, promising a wide range of international brands, and said that previously purchased gift cards would still be valid.
"A lot has changed in the time since our last meeting," the company said. "We were forced to suspend operation at our shops, but have retained all jobs and continued to support employees, while working in parallel on redesigning the company's internal processes."
Scores of Western retailers closed in early March and while some have since extricated themselves fully, in the luxury retail space, many stores have simply remained temporarily closed in Moscow for months, with items removed from displays.
Sephora, which had 88 stores in Russia with 1,200 employees, in July said it had agreed to sell 100% of the shares of its subsidiary in Russia to its local general manager. Sephora on Monday said the deal had closed on Oct. 7.
Ile de Beauté is a local chain Sephora bought in 2016, a few years after an initial investment.
The retail chain began rebranding stores in Russia under the Sephora banner in 2018 and was still in the process of doing so when the global pandemic hit in 2020.
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Written By: Reuters
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