Agenda-setting intelligence, analysis and advice for the global fashion community.

Explainer: How Russia’s Wartime Fashion Market Works

Russia’s invasion of Ukraine has been devastating for businesses in Kyiv and changed the dynamics of the fashion industry in Moscow more profoundly than anyone expected early last year.

Global luxury brands have closed their stores across Russia including many in Moscow's landmark Tsum department store. (Getty Images)

Tamison O'Connor

08 August 2023

BoF PROFESSIONAL

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It has been 18 months since Russian president Vladimir Putin invaded Ukraine, a move that caused incalculable suffering for ordinary Ukrainians including thousands of civilian casualties, a refugee crisis and financial hardship for both individuals and businesses alike.

It’s Time for Fashion Brands to Exit Russia

H&M’s decision to permanently close its Russian stores is a signal that fashion brands can no longer take a wait-and-see approach to the war in Ukraine.

Ukraine War: Uniqlo Reverses Course to Suspend Operations in Russia

The company said the decision was the result of operational challenges and the worsening conflict in Ukraine. It had faced public pressure to pull back.

Estée Lauder, Adidas, PVH Close Stores in Russia

They join a growing list of Western companies suspending business in the country following its invasion of Ukraine.

Ukraine War: Fast Retailing Pledges to Stay in Russia

The Uniqlo owner said it will continue to operate in Russia, even international pressure in response to the country’s invasion of Ukraine sees waves of companies pull out.

Ukraine War: H&M Suspends Sales, Burberry Halts Shipments to Russia

A growing number of brands are halting deliveries, with a handful saying they will suspend sales.

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Organisations

War in the Gulf Tests Resilience of a Rare Bright Patch for Luxury

The escalating US-Israel conflict with Iran is rattling the aura of stability created by Dubai and the wider region, threatening one of the industry’s few bright spots.

Luxury Brands Shut Middle East Stores as Conflict Causes Chaos

Escalating conflict in the Middle East is causing major disruption and store closures for high-end and mass-market retailers, threatening a key growth engine for the global luxury industry.

Worldview | Middle East Retailers Rattled by Escalating Iran Conflict

This week’s round-up of global markets fashion business news also features Sri Lankan apparel manufacturers, Vietnam’s textile exporters and Korean brands in China.

Gulf Businesses Reel as Iran Strikes Trigger Aviation Chaos

Regional business activity has been disrupted after Iran launched strikes across Gulf nations in response to the US-Israeli assault on Tehran, triggering airport closures or restrictions in Dubai, Abu Dhabi and Doha.

Fashion Startup Founder Pleads Guilty in $300 Million Fraud

Christine Hunsicker admitted she falsified financial statements to promote CaaStle Inc. as a valuable, growing business when in reality it was struggling.

Estée Lauder’s Surprise Acquisition, Explained

The American cosmetic giant’s buyout of Ayurvedic beauty line Forest Essentials came as a surprise. By picking an under-the-radar brand it knows well, the company can show that it’s still in the M&A game without needing to outbid rivals.

Victoria’s Secret Forecasts Its Best Year Since L Brands Split

The underwear company is anticipating net sales of at least $6.85 billion in the current fiscal year, exceeding analyst estimates and marking the highest revenue since its split from L Brands Inc in 2021.

Uniqlo Aims to Grow Tenfold in India With Summer-Centric Clothes

The Japanese brand is accelerating its expansion in India to capture a greater share of the rapidly growing apparel market and affluent consumer base.

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