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The luxury world reacts to the situation in Ukraine

The luxury world reacts to the situation in Ukraine

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Milan Fashion Week was just getting underway when Russia began invading Ukraine. The festivities were overshadowed by concern and fashion brands intervened, in their own way.

 

As the reality of a Russian war with Ukraine remains on everyone’s lips and raises concerns in Europe and around the world, Russia is beginning to receive a wave of protests and luxury brands are questioning.

 

The European Union Commission is currently formalizing a series of sanctions against Russia, which would include the SWIFT international payment systems, also affecting the ability of luxury to sell and trade with Russia. The Russian government and its oligarchs are the target of financial and military sanctions from the European Commission, but luxury exports, so popular with the ultra-rich, are safe for now.

 

What position to take?

 

Reeling from the news of the attacks at this festive time in Milan and hours after Missoni‘s Fall 2022 collection show, Angela Missoni, the company’s president and former creative director, noted that the industry (and all Italian industries) will be hit hard by rising natural gas prices, as much of the country’s supply comes from Ukraine and is used to generate the electricity to run the clothing and accessories factories. Despite the costs and potential loss of sales to Russia, she continued, “I think you have to take a stand. …I will never be on the side of war. I will always be on the side of the people of the country who are under attack” .

 

Giorgio Armani, for his part, has taken a strong position by deciding to hold his show without soundtrack “as a sign of respect for the tragedy in progress” and with the lights off. “A few hours before the show, I asked myself what I could do for what is happening around us.”

 

 

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We were finally starting to see some blue skies after the pandemic, with more people traveling, and now dark clouds hang over the future,” said Nicolas Girotto, Bally‘s chief executive officer. “We are caught in a whirlwind and are concerned for our team members who have loved ones in the region.

 

Morgan Stanley estimates that Russian nationals account for less than 2 percent of Kering and Richemont‘s global sales, including Russian spending abroad. “The importance of Russia and Russian nationals to the luxury sector has declined over the years and is now relatively immaterial,” says Edouard Aubin, an analyst at Morgan Stanley.

 

 

Read also> STOCK MARKET : THE CRISIS IN UKRAINE-RUSSIA MAKES OIL EXPLODE AT THE HIGHEST LEVEL IN 8 YEARS

 

Featured photo : © Missoni

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