Leading designer boutiques including Prada, Dior and Gucci have closed their doors in Moscow as Western sanctions roll in and oligarchs’ wives ask, “Where do we shop now?”
The world’s leading fashion houses have closed their doors in Moscow, depriving super-rich Russians of the opportunity to buy clothes from their favorite designer stores.
Prada, Dior, Louis Vuitton, Gucci and Fendi have been among those who have emptied their shelves in the Russian capital’s luxury malls as sanctions take effect.
In the elite outlets of TsUM and GUM, near Red Square, many top designers have closed.
Leading fashion houses such as Prada, pictured today, have closed their doors in Moscow, depriving super-rich Russians of the opportunity to shop at their favorite designer stores.
Prada, Dior, Louis Vuitton, Gucci and Fendi were among those who emptied their shelves in the Russian capital’s luxury malls as sanctions begin to take effect (pictured today)
In the elite retail outlets of TsUM and GUM, near Red Square, many top designers have closed.
Today is usually a big shopping day in Moscow, when men buy gifts for their partners before tomorrow’s International Women’s Day.
But sanctions over Vladimir Putin’s war in Ukraine put an end to that.
‘What’s happened?’ asked one shopper in her 30s, clearly unaware of the intrusion.
She looked at the empty shelves in surprise.
Today is usually one of the biggest shopping days in Moscow, with men shopping for gifts for their partners ahead of tomorrow’s International Women’s Day.
But sanctions due to Vladimir Putin’s war in Ukraine have stopped designer shopping.
Moscow oligarchs and their spouses often shopped in Europe or the US rather than in Moscow.
Red-to-rich Moscow oligarchs and their spouses have often shopped in Europe or the US rather than Moscow, but foreign travel is now all but blocked.
Some Russian outlets remained open and crowded, but the best Western brands were unavailable.
One angry customer wearing a chinchilla jacket said, “See, we’re late.”
She came with her parents to buy a birthday present from Jimmy Choo.
This TSUM store remains open, but stocks are limited.
The pictures clearly showed gray clouds overhead.
“They don’t have my size,” she exploded, addressing her mother and father. “I told you we should have come earlier.
Western sanctions are starting to hit consumers in Russia, with many stores already closed.
Russians have been seen lining up huge queues at ATMs, rushing to withdraw their US dollar deposits.
Western sanctions and the collapse of the ruble hit the purchasing power of ordinary Russians
The global financial system is facing a rift as Russia turns to China’s response to Visa and Mastercard after the card-issuing companies pulled out of the country along with a number of other Western companies, including Netflix and TikTok.
Lenders including Sberbank and Alfa Bank are planning to switch to China’s UnionPay for their customers’ bank cards, though an expert said today that the switch will take time and cause severe economic disruption.
This is a new sign that the global financial system has split in two, and Moscow is increasingly backing Beijing’s efforts to challenge Western dominance of the global banking infrastructure.
Russia was also recently excluded from Swift, which banks use for messaging, raising fears that it will instead turn to CIPS, a Chinese competitor.
Western sanctions and the collapse of the ruble have eroded the purchasing power of ordinary Russians, who have lined up at ATMs in a rush to withdraw their US dollar deposits.
Last night, accounting firms PWC and KPMG became the latest firms to announce a withdrawal from Russia and its ally Belarus. Meanwhile, calls are being made to boycott Coca-Cola, McDonald’s and Pepsi for continuing to do business in the country.
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