It comes after Kering and OTB announced their support to Ukraine.
Early this month, LVMH pledged to allocate €5 million (about $5.5 million) for Ukraine war victims. The funds will be donated to the International Committee of the Red Cross (ICRC).
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“The LVMH Group is closely monitoring the tragic situation in Ukraine and stands alongside all those severely affected by this war,” the luxury conglomerate told Vogue Business. “The group’s first concern is the safety of its 150 employees in Ukraine and is providing them with essential financial and operational assistance.”
To attend to their war victim employees, the Bernard Arnault-helmed firm partners with ICRC to help distribute funds.
Halting trade
Before LVMH, other fashion groups like Kering (Gucci, Balenciaga, Saint Laurent, Bottega Veneta, Alexander McQueen) and OTB (Marni, Maison Margiela, DSQUARED2) announced they’ll be donating through fundraisers.
“The crisis is continuously evolving, and we are also in contact with the organizations that are managing arrivals of people fleeing from Ukraine to our country to help them ensure the fastest and most complete integration possible,” said Arianna Alessi, the vice president of the OTB Foundation.
Along with Kering, watchmaker Richmond (Cartier, Vacheron Constantin, Jaeger-LeCoultre) and LVMH also pulled out retail operations in Russia. The latter has 124 stores across the country.
In luxury e-commerce, Farfetch and Mytheresa have also halted all trade with Russia.
Banner photo from @louisvuitton on Instagram.
