Beauty retailer Sephora has announced it has come to an agreement to sell off its Russian subsidiary, following a flurry of Western brands exiting the region.
The deal, which includes the sale of 100 percent of its shares for the Russian business, has been made with the country’s local general manager, with the goal of favouring continuity for its employees.
In a release, the LVMH-owned retailer said its activity will now be operated under the ‘Ile de Beauté’ brand, a local chain it acquired in 2016 following its initial investment in the company.
Since early March, Sephora’s 88 Russian stores have been closed after LVMH announced it would be suspending its operations in the country following Russia’s invasion of Ukraine.
While still subject to clearance, the new deal will allow for the reopening of the chain in the region.