Beauty Company L'Occitane to Keep Russian Stores Open
April 14 2022 - 7:44AM
Dow Jones News
By Maitane Sardon
French beauty products maker L'Occitane International SA has
made the decision to keep its stores in Russia open amid the
continuing invasion of Ukraine.
The maker of essential oils and soaps said in a statement
Thursday that it has discussed closing its stores "at length," but
decided to keep them open after considering the consequences that
such a move could have for its employees.
L'Occitane, which has more than 3,000 retail outlets in 90
countries, said it wanted to protect its 700 Russian employees from
potential retaliation, but provided no further details as to what
type of retaliatory action its staff could face if it ceased
operations in the country.
The company said it condemned Russia's unjustified and
unprovoked invasion of Ukraine, adding that it has halted all
investments and expansion plans as well as its shipments into
Russia.
Dozens of Western companies have suspended commercial activity
in Russia since its invasion of Ukraine in February. L'Occitane's
peers L'Oreal and Estee Lauder both said in a statement on their
websites in early March that they were temporarily closing their
stores in Russia and suspending investments in the country.
Write to Maitane Sardon at maitane.sardon@wsj.com
(END) Dow Jones Newswires
April 14, 2022 08:29 ET (12:29 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
Loreal (PK) (USOTC:LRLCY)
Historical Stock Chart
From Nov 2024 to Dec 2024
Loreal (PK) (USOTC:LRLCY)
Historical Stock Chart
From Dec 2023 to Dec 2024
Real-Time news about Loreal Co (PK) (OTCMarkets): 0 recent articles
More Loreal Co (PK) News Articles