The French beauty chain Sephora, owned by the LVMH group, announced yesterday Monday the sale of its Russian subsidiary to the local general manager of the chain, who will take over the business under the name “Île de Beauté” .
After having decided to suspend all activity in Russia – just like LVMH – and therefore to close all its stores at the beginning of March following the war that Russia is waging on Ukraine, Sephora is taking a new radical decision.
All of the firm’s 88 stores located on Russian soil, which had 1,200 employees, will now operate under the name “Île de Beauté” , a local chain that the cosmetics giant bought in 2016.
With this in mind, this sale also involves the sale of 100% of Sephora’s shares to its Russian subsidiary: “The signing of an agreement for the transfer of 100% of the shares of its subsidiary in Russia to its local general manager aims to promote continuity for employees,” underlines the brand in a statement.
The amount of the transaction has not been disclosed.
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Featured photo : © Sephora
