Multi-trillion-dollar fashion industry is halting sales in Russia, including Australian brands

Multi-trillion-dollar fashion industry is halting sales in Russia, including Australian brands

By fijivillage
Wednesday 09/03/2022
[image: abc.net.au]

With the war in Ukraine rapidly deteriorating, superannuation funds and mining companies have been withdrawing investments from Russia. But there is another $3 trillion global industry facing public pressure too: fashion.

Several of the world's biggest apparel companies have temporarily shuttered shops in Moscow, including Nike, Mango and H&M.

"H&M Group is deeply concerned about the tragic developments in Ukraine and stand with all the people who are suffering," H&M Group said in a statement.

Global fast fashion website Asos is halting online sales and deliveries in Russia as well.

Another US conglomerate, TJX Cos, is divesting its 25 per cent stake in Russian low-cost apparel retailer Familia, which has 400 stores across Russia.

It might take a loss on that, as the value of the Russian currency dives.

Luxury brands favoured by rich oligarchs have also been under pressure to close Russian stores, with Bulgari even telling Bloomberg that it has seen a sales uptick there as locals try to store their wealth in watches and jewellery.

Richemont and LVMH are amongst the biggest luxury corporations that have now announced they are halting operations there.

[Source: abc.net.au]



Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
IN DEPTH
Budget 2022 - 2023
The 2022/2023 National Budget will be delivered on the 15th of July this ...
21 hours ago

RKS and Tailevu North retain Tailevu Zone title
RKS won the boys division with 25 gold, 21 silver and 24 bronze. Tailevu North College took out the girls title with 33 gold, 17 silver and 9 bronze ...
9 days ago

Grammar wins Suva Zone 2 girls and boys title
Suva Grammar School have taken out the boys and girls division titles of the Coca-Cola Suva Zone 2 athletics meet. The Grammar boys finished with 28 gold, 24 silver and 15 bronze.
20 days ago
FEATURE NEWS
Landowners to be taken to task if marijuana is planted on their land - Qiliho
Police will now look at the law dealing with illicit drugs and take the landowners to task if marijuana is planted on their land. Commissioner of P...
14 hours ago
LATEST NEWS
Farmer asks AG to look after agriculture sector and not rely on tourism
If farmers continue to be victimized due to land lease issues, I do not know when they will be able to contribute to the economic development of the ...
13 hours ago

No plans to fix the road for Koromakawa villagers - FRA
There are currently no plans to fix the road for Koromakawa villagers in the district of Wairiki as the Fiji Roads Authority says its a non FRA road ...
14 hours ago

Tax collections outperform the June forecast by $15.3m
The Fiji Revenue and Customs Service collected a net revenue of $193.8 million in June this year which is the highest monthly revenue collected ...
14 hours ago

PM says he has told the Russian President that his conflict is costing us all and it must end
Prime Minister Voreqe Bainimarama says he has told the Russian President, Vladimir Putin directly over a video conference call that his conflict is ...
14 hours ago

Doctors at Lautoka Hospital could begin performing open heart surgeries by next week
There is good news for heart patients in Fiji as the Lautoka Hospital through it partnership with Aspen Medical could begin performing open heart ...
17 hours ago

TOP