Swarovski completes withdrawal from Russia

The complete withdrawal of the Austrian company Swarovski from RUSSIA, announced this year, has already been completed, its HEAD Alexis Nazard said. As of February 2022, there were 12 chain stores in the country

The Austrian company Swarovski completely curtailed its Russian business , according to the newspaper Kleine Zeitung, citing the words of the head of the company, Alexis Nazard.

“The full withdrawal of Swarovski from Russia, announced this year, has already been completed,” he said.

The company's decision to leave the Russian market was announced in March 2023. At that time, the terms of withdrawal were not called, but it was promised that it would take place "in accordance with all applicable laws, including economic sanctions and other trade restrictions."

Swarovski AG is an Austrian company that specializes in the production of crystals from glass, jewelry and other objects with crystals, as well as in the cutting of synthetic and natural gemstones. In addition, the company has the production of optical equipment, lamps and chandeliers.

All products under the Swarovski brand are manufactured by Swarovski AG, the main production facilities and the head office are located in Austria, in the city of Wattens.

The first Swarovski brand store in Russia opened in 2018 in Moscow. In March 2022, the company suspended online sales in Russia. In March 2023, the Austrian edition of Trend wrote that Swarovski closed 12 Russian stores and curtailed its online business in Russia.

After the start of the Russian military operation in Ukraine , many Western companies announced the suspension of their activities in Russia or completely left the market. According to Yale University economists, since February 2022, 521 foreign companies have left Russia, and another 505 have suspended their activities. The leader in the number of companies remaining in the country is CHINA , followed immediately by Germany , the United States and France .

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