Business

Estée Lauder is closing all stores in Russia

Estée Lauder has temporarily halted operations of all of its stores in Russia following the invasion of the country in Ukraine.

In a note on its website, Estée Lauder said Monday it had suspended “all commercial activities” in the country, including the “closure of all businesses we own and operate,” as well as its brand pages. Deliveries to all of its retailers in Russia have also been suspended.

“The Estée Lauder Companies remain devastated by the tragic invasion of Ukraine,” the company said. “We stand by all who are suffering, including our employees and their families and the people of Ukraine.”

The company said its “top priority” is the safety of all of its employees. During this period, it is planned to support and compensate affected employees in both Russia and Ukraine. Estée Lauder also maintains “regular communication” with Ukrainian employees and “offers relocation assistance to those who choose this measure of assistance,” according to the company.

Estée Lauder’s move is the latest blow to Russia, whose invasion has already forced a growing number of global brands, including Airbnb, Visa, Mastercard and Apple, to pull out of the country.

The Ikea Group and the H&M Group have also suspended their business in Russia.

An Estee Lauder logo viewed on a smartphone
Shares of the cosmetics giant rose 3.8 percent to $273.98 on Tuesday.
SOPA images

Companies that have not yet suspended or terminated their business activities in Russia are encouraged to do so. For example, New York State’s Common Retirement Fund, one of the largest public pension funds in the US, is urging companies like McDonald’s and PepsiCo to follow suit amid the country’s ongoing invasion of Ukraine.

https://nypost.com/2022/03/08/estee-lauder-closes-all-its-russia-stores/ Estée Lauder is closing all stores in Russia

DUSTIN JONES

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