Cosmetics company Coty has announced its decision to cease operations in Russia, according to Reuters.
The company owns such brands of cosmetics, skin care products and perfumes as Burberry, Calvin Klein, Chloé, Gucci, Hugo Boss, Lancaster, CoverGirl, Max Factor, Rimmel, Sally Hansen, Adidas and others.
In 2021, Coty's sales amounted to $4.63 billion, with Russia accounting for just over 3%, the agency notes, citing company data.
Coty was founded in 1904 by French perfumer François Coty.
Against the background of Western sanctions due to the military operation in Ukraine, dozens of companies announced the suspension or termination of work in Russia. In particular, in early March, the LVMH group (which includes the houses of Louis Vuitton, Dior, Kenzo, Hennessy, retailer Sephora, etc.) decided to close more than 120 stores in the country. Chanel also announced the closing of boutiques.
Last week, the Swedish company Essity - the manufacturer of Zewa toilet paper and Libresse sanitary pads - announced that it would leave Russia. The company explained its decision by the deterioration of the conditions for doing business in the country. They warned about the rise in prices for their goods.