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The European Commission bans the export of luxury goods to Russia

The European Commission bans the export of luxury goods to Russia

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After the decision of several large luxury groups to close their stores in Russia, the European Union decides a new sanction concerning the export of luxury products.

 

In Russia, the share of sales of luxury houses is rather modest, 2% for LVMH last year or 1% for Kering to name but two. The impact of the European Union’s decision to stop exporting luxury goods to Russia in the face of the war in Ukraine should therefore not have too much impact on the major groups. But some French or Italian luxury brands will see a drop in their revenues.

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Featured photo : © Hermès

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