British luxury clothing brand Paul Smith has stopped working in Russia

The British luxury clothing chain Paul Smith has announced that it has stopped working in Russia. The company stopped supplying goods to the country and terminated the contract with the Russian franchising partner. This was reported by the British newspaper Daily Mail.

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As Paul Smith’s representative told the publication, the company does not directly trade with Russia. According to him, in the last 20 years, the business in Russia has been managed by a franchising partner.

“We required these stores to be closed, and now we have stopped all deliveries to the distributor,” said the newspaper’s interlocutor. According to him, the decision to allow Russian stores to trade under the name of Paul Smith after the beginning of Russia’s invasion of Ukraine was a mistake.

Paul Smith stores and online sales in Russia are managed by Bosco di Ciliegi, founded by businessman Mikhail Kusnyrovych. The Bosco di Ciliegi network includes more than 200 single-brand clothing and accessories stores, including Alberta Ferretti, Antonio Marras, Brooks Brothers, Gucci, ISAIA, Moschino, etc., as well as jewelry and watches.

As the Daily Mail writes, two British luxury companies continue to operate in Russia: the manufacturer of Rolls-Royce cars and the underwear brand Agent Provocateur.

Author: News feed editor Anna Nedogybchenko. She writes on the following topics: Finance, banks, economy, investments