Lush to close a third of its stores in Russia and lay off almost half of its employees
Lush cosmetics chain will close 17 stores (out of 48 stores) in Russia and lay off 200 employees (from 500 people), Dmitry Azarov, owner of the Russian chain of stores of the British brand, told Forbes.
According to Azarov, the decision was made after Lush’s headquarters announced on March 10 that it was suspending product supplies to Russia due to a military special operation in Ukraine.
Azarov shared.
He described the forced dismissal of people who would find it difficult to find work in the current situation as “the biggest disaster”. He also said that according to his calculations, stocks of Russian Lush products will last no more than three months.
The Russian network Lush has existed since 2001. According to SPARK, Azarov owns 65% of the Russian company, while British Lush owns the remaining 35%. The entrepreneur transferred the stake in the Ukrainian business to the UK parent company because “otherwise it would have been nationalized by Ukraine.”
Azarov said the company will consider “every possible option” to maintain its business in Russia, including starting its own production of cosmetics, working with other brands or changing the range of products it sells.
Source: Spletnik
I am Anne Johnson and I work as an author at the Fashion Vibes. My main area of expertise is beauty related news, but I also have experience in covering other types of stories like entertainment, lifestyle, and health topics. With my years of experience in writing for various publications, I have built strong relationships with many industry insiders. My passion for journalism has enabled me to stay on top of the latest trends and changes in the world of beauty.
