Post by Cesar Val

🇺🇦 The world's leading LUXURY brands have temporarily suspended operations in Russia: LVMH (75 brands) and Gucci-owner Kering are joining hermès, CHANEL and Cartier-owner Richemont amid consumer pressure over the Ukraine war.   🌏 The Russian luxury business is marginal compared with that of the US and China, the two biggest markets. According to Jefferies Group LLCs, Russian consumers spend $9 billion a year on luxury products and account for roughly 3% of total luxury revenues, though half of that spending occurs in stores outside Russia. There is no major production of luxury items in Russia either.   👇 See the link to the news in the comments below. #luxuryindustry #ukraine #stopthewar