Update on Russia

From the very beginning we have utterly condemned the invasion of Ukraine by Russia. 
 
We have stood and stand firmly with the people of Ukraine, contributing to the UNHCR and provided assistance to our 60 local team members, including direct financial assistance, psychological support, accommodation for some employees and their families, in neighbouring countries and employment outside Ukraine for those who required it. 
 
In fully complying with all international sanctions we significantly reduced the number and quantity of brands imported to a level that enabled us to protect our local teams, their livelihoods, and the welfare of their families.
 
This also meant reducing the quantities being sold to avoid ‘intentional bankruptcy’, which is a criminal offence in Russia and represents a significant risk for our employees. 
In doing everything we can to manage the situation, the reality of exiting Russia is both complex and extremely challenging. 
 
We also fully understand and acknowledge the reaction over the recent days as we sought to give context to the decisions we have taken. Many companies, in our industry and in others, have made the same difficult choice. 
 
We are working hard to find the best way to navigate this complexity, including stopping the export of our international brands while ensuring the welfare and safety or our team, considering the local legal constraints. Knowing that to do so will not prevent any of our brands falling into the hands of the ‘grey market’, which has strongly increased in recent months, over which we have no control.
 
Our commitment to protect our colleagues in the region has been the guiding principle of the difficult choices we have made, and we continue to work hard to find the best solution to this difficult dilemma. We will be providing updates as appropriate.