Prada is following in the footsteps of other multinationals and luxury brands in closing their shops in Russia, including the French giants LVMH, Hermes and Chanel.
Italian luxury label Prada has announced it is suspending retail sales in Russia following the invasion of Ukraine.
"The Prada Group suspends its retail operations in Russia," the firm said on its Linkedin site, adding that the move was effective from Saturday.
"Our primary concern is for all colleagues and their families affected by the tragedy in Ukraine, and we will continue to support them," Prada said.
"The Group will continue to monitor further developments."
The Prada Group is joining forces with the National @cameramoda (CNMI) and providing a donation to the @UNHCRItalia, the UN Refugee Agency.— PRADA (@Prada) March 3, 2022
To contribute to the UNHCR https://t.co/0MzVzzV90g pic.twitter.com/h0aUj1xfCz
Multinational brands exiting Russia
Prada is following in the footsteps of other multinationals and luxury brands, including the French giants LVMH, Hermes and Chanel.
Spanish clothing giant Inditex, which owns Zara, also announced on Saturday that it was temporarily closing hundreds of shops in Russia as well as the group's online shopping store.
The company is "temporarily suspending its activity in 502 shops," it said in a statement.
"In the current circumstances Inditex cannot guarantee the continuity of the operations and commercial conditions in the Russian Federation and temporarily suspends its activity", it added.
Russia accounts for around 8.5 percent of the group's global earnings before interest and tax, Inditex added.
The LVMH Group stands alongside all those severely affected by the war in Ukraine. The Group’s first concern is the safety of its 150 employees in the country. LVMH has today also decided to make a first emergency donation.— LVMH (@LVMH) March 2, 2022
Learn more: https://t.co/BUJmKjNBCD pic.twitter.com/mq5TLWqqzb