Hermes 'pauses' business in Russia over Ukraine war

PARIS - French luxury group Hermes has decided to temporarily close its shops in Russia and pause its commercial activities from later Friday, the firm announced.

The group runs three stores in Russia, including one in the Gum department store on Red Square, and employs 60 people in the country.

"Deeply concerned by the situation in Europe at this time, it's with regret that we have taken the decision to temporarily close our stores in Russia and pause all our commercial activities from March the 4th evening," Hermes said on its LinkedIn site.

"We will continue to stand by our local teams," it added.

When it published its financial results last month, Hermes said it was planning to open a store in Saint-Petersburg this year, but told AFP Friday it is "postponed sine die".

Several multinationals have announced the suspension of their activities in Russia, including Swedish furniture giant ikea.

"The war has had a huge human impact already. It is also resulting in serious disruptions to supply chain and trading conditions," the company said in a statement to AFP on Thursday.

Among others that have paused activities are Intel, Airbnb, ExxonMobil, Apple, Boeing and Ford. -AFP