PARIS: SMCP, the French group behind contemporary fashion labels Sandro, Maje and Claudie Pierlot, said Wednesday it would suspend deliveries to Russia, where a local company operates around 40 stores under its brands.
Western labels have been exiting Russia, where business has become complex since the country’s invasion of Ukraine, which prompted sweeping sanctions from the United States, Britain and the European Union.
Russia accounted for less than 1% of the group’s total sales of 1.04 billion euros ($1.15 billion) last year.
The group on Wednesday posted a 22.1% rise in fourth quarter sales on an organic basis, with fast growth from Europe and the United States offsetting a decline in Asia where intermittent coronavirus flare ups dented business.
Intermittent lockdowns in China, which has a zero-COVID policy, are weighing on traffic in stores and malls, said Guichot.