The head of L'Occitane considered it unfair to force companies to leave Russia Sanctions

imposed against RUSSIA are "severely punishing" European companies, the CEO of L'Occitane said, adding that when peace comes, EU businesses will have to "be patient"to regain lost market shareReynold Geiger

Forcing Western companies to leave the Russian market because of Russia's actions in Ukraine is unfair. This was stated by the CEO of the French L'Occitane Reynold Geiger edition of Le Figaro.

“In over a quarter of a century of hard work, we have developed a thriving business in Russia. it is with great sadness that I think of our 720 employees, whom we had to give up when we left the country. <...> How not to get upset when suddenly years of work are called into question by unfair decisions? - he said.

Geiger also reported disappointment that Europe, leaving Russia, is playing a big role in the development of Russian and Asian business in the region. According to him, the sanctions imposed against Russia "severely punish" European companies, as they have a boomerang effect.

“We cannot blame the United States when they defend their interests, but we must worry when Europe is left behind, because there are no more visionaries who could defend and assume her fate, as the Churchills, Adenauers, de Golly,” concluded the businessman.

French chain L'Occitane sold Russian stores Business

He added that when peace is signed and sanctions are lifted, European entrepreneurs will have to "be patient" to regain lost market share.

L'Occitane announced the closure of stores and the suspension of online sales in Russia in April 2022, amid calls for a boycott of the network due to the continuation of activities in Russia after the start of a military special operation in Ukraine. The company explained its decision with the desire to "protect employees around the world from potential public aggression."

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In June, all stores resumed work under the updated L'Occitane brand.

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As follows from the data of the Unified State Register of Legal Entities, instead of L'Occitane International SA registered in Luxembourg, Russian L'Occitane Rus LLC is now owned by its CEO Rostislav Kovalenko (31%) and top managers Natalia Milekhina, Olga Sabirova and Alexei Shumov (all 23% each). ).

At the same time, the shares of the new owners of the company are pledged to L'Occitane International. Rostislav Kovalenko noted that L'Occitane Rus operates as an independent company, and stocks of goods will last for more than a year. The French manufacturer has previously stated that it will not supply products to Russia.