Cosmetics giant L'Oréal is temporarily closing its stores in Russia and suspending investments in the country, it noted on Tuesday, joining dozens of Western companies pausing operations over the invasion of Ukraine.
"We strongly condemn the Russian invasion and the war in Ukraine, which is causing so much suffering to the Ukrainian people," the French company outlined in a statement.
L'Oréal's Russian business, which includes a production plant, accounts for a low, single-digit percentage of annual sales, according to the company.
Political Pressure
Companies operating in Russia have faced political pressure to halt their activities in the country, which has been hit by sweeping sanctions from the United States, Britain and the Europe Union.
L'Oréal noted it was fully aligned with the position of French and European Union authorities.
The world's biggest cosmetics firm, which owns the Lancome and Maybelline brands, said it was considering additional measures while seeking to take care of its 2,200 employees in Russia.
Ukrainian Employees
L'Oréal has 326 Ukrainian employees, the majority of whom remain in their country under what the company said were increasingly unbearable conditions.
"We are concerned for them and fear for their safety," L'Oréal noted that it was providing financial and psychological support.
The company is also donating €5 million ($5.4 million) to international and regional aid organisations as well as United Nations agencies providing humanitarian aid.
Leading international luxury companies LVMH, Hermes, Kering and Chanel announced plans to temporarily shut operations in Russia last week.
French food multinational Danone noted over the weekend that it was suspending investments in the country.
News by Reuters, edited by Donna Ahern, Checkout. For more A-brand stories, click here. Click subscribe to sign up for the Checkout print edition.
