Luxury companies start returning to Russian market

Cosmetic companies decide to return to Russian market

Cosmetic products of a number of foreign brands will return to Russia. Lancome, Yves Saint Laurent and Giorgio Armani announced their readiness to return to the Russian market, TASS reports with reference to the press service of the Russian Ministry of Industry and Trade.

The ministry will ban parallel imports of products of the above-mentioned brands due to the resumption of supplies to the Russian market.

In March, the Kering Group, which owns luxury brands Gucci, Balenciaga and Yves Saint Laurent, announced the closure of its stores in Russia amid the crisis in Ukraine. In addition, French fashion house Louis Vuitton closed 124 Russian boutiques. Hermes and Chanel announced their decision to suspend business activity in Russia as well.

In early November, the Russian Ministry of Industry and Trade added alcoholic beverages to the list of goods admitted for imports as part of the parallel import program. It goes about foreign wines, champagne and spirits, including:

  • Jagermeister,
  • White Horse,
  • Malibu,
  • Jose Cuervo
  • Jack Daniel's.

The United States completely banned the shipment of alcohol to Russia, whereas the European Union banned exports of alcohol worth over 300 euros per unit of goods.

Later, the Russian Ministry of Industry and Trade proposed adding some alcoholic beverages to the list for parallel imports. According to the draft document, it was planned to import wines, champagnes and strong alcoholic drinks of such well-known brands as:

  • Martini,
  • Moet,
  • Jagermeister,
  • White Horse,
  • Gancia,
  • Mondoro,
  • Bacardi and others.

The Ministry of Finance did not support the idea claiming that such supply schemes could seriously increase risks of importing counterfeit products.

Subscribe to Pravda.Ru Telegram channel, Facebook, RSS!

Author`s name Editorial Team
Editor Dmitry Sudakov