Sephora agrees to sell all of the shares in its subsidiary in the country to its general manager there.
Prestige beauty retailer Sephora (owned by LVMH) is exiting Russia, joining many other Western businesses that have already left the country.
Sephora has inked an agreement to sell all of the shares in its subsidiary in the country to its general manager there. Once the deal with the Sephora general manager in Russia closes, the activity will be operated under the Russian retail brand Île de Beauté.
The move will provide “continuity” for employees, according to Sephora, which employed 1,200 workers in 88 Russian stores and in operations to support the company’s website in the country.