OREANDA-NEWS After record sales in 2021, the turnover of most of the largest luxury brands in 2022 turned out to be the worst in at least five years, it follows from the reports of their Russian "daughters", which RBC studied. Many companies, against the background of the beginning of a special military operation in Ukraine, decided to suspend operations in Russia — since March last year, Chanel, Dior, Prada, Tiffany, Bvlgari, Fendi, Hugo Boss and a number of other luxury brands have been closed.

The French concern LVMH, which owns the brands Dior, Fendi, Bvlgari, Tiffany & Co, as well as Louis Vuitton, Loro Piana, Berluti, etc., in its report for 2022 recalled that its stores in Russia have been closed since March 2022, but the company has continued to pay salaries to employees all this time. LVMH indicated that its assets in Russia, which mainly include equipment, as well as store premises that are in use under lease agreements, represent "insignificant amounts in relation to the total assets of the group." The consequences of the conflict in Ukraine for LVMH's business were also not significant, according to the reports. By the end of 2022, LVMH's total revenue reached a record €79.2 billion (an increase of 23% compared to the previous year), and net profit — €14.1 billion (an increase of 17%). The group does not disclose individual indicators for the Russian market.