The LVMH-owned retailer has signed 100% of the shares of the subsidiary to its local General Manager
Sephora's headquarters in Neuilly-sur-Seine, France
Sephora is selling 100% of shares in its Russian subsidiary to the business’ local General Manager.
The LVMH-owned beauty retail chain said the move would favour continuity for employees.
Going forward, Sephora in Russia will operate under the Ile de Beauté brand.
Sephora initially invested in local retailer Ile de Beauté in 2008 with an initial 45% stake purchase, which it increased over subsequent years.
According to Reuters, stores began to be rebranded under the Sephora name in Russia in 2018, a process that was ongoing when the pandemic hit.
Sephora stores in the country have been closed since early March amid LVMH’s suspension of operations in Russia in response to Russia’s war on Ukraine.
Sephora has 88 stores in Russia with 1,200 employees.
The transaction is said to be subject to clearance by relevant authorities, including antitrust ones.