Top designer boutiques including Prada, Dior and Gucci shut their doors in Moscow as Western sanctions bite and oligarch wives ask: ‘Where do we shop now?’
- Fashion houses have shut their stores in Moscow as sanctions begin to bite
- Wealthy Russians were turned away at the doors after finding shops shuttered
- Domestic brands remain open but Western shops are starting to close
- Click here for MailOnline’s liveblog with the latest updates on the Ukraine crisis
The world’s top fashion houses have shut their doors in Moscow leaving Russia’s super-rich unable to buy from their favourite designer stores.
Prada, Dior, Louis Vuitton, Gucci and Fendi were among those to clear their shelves in the luxury shopping malls of the Russian capital as sanctions begin to bite.
Inside elite outlets TsUM and GUM, near Red Square, many of the top designers were closed.
The world’s top fashion houses have shut their doors in Moscow leaving Russia’s super-rich unable to buy from their favourite designer stores
Prada, Dior, Louis Vuitton, Gucci and Fendi were among those to clear their shelves in the luxury shopping malls of the Russian capital as sanctions begin to bite
Inside elite outlets TsUM and GUM, near Red Square, many of the top designers were closed
Today is normally a big shopping day in Moscow, when men buy gifts for their partners before International Women’s Day tomorrow.
But sanctions over Vladimir Putin’s war in Ukraine have put a stop to that.
‘What happened?’ asked one woman shopper in her 30s, apparently unaware of the invasion.
She looked bemused at the empty shelves.
Today is normally one of the biggest shopping days in Moscow, when men buy gifts for their partners before International Women’s Day tomorrow
But sanctions over Vladimir Putin’s war in Ukraine have put a stop to designer shopping
Moscow Reds-to-Riches oligarchs and their spouses would often shop in Europe or the US rather than Moscow
Moscow Reds-to-Riches oligarchs and their spouses would often shop in Europe or the US rather than Moscow – but foreign travel is now all-but blocked.
Some Russian retail outlets remained open and crowded, but top Western brands were unavailable.
One furious shopper in a Chinchilla jacket said: ‘You see, we’re too late.’
She had come with her parents to buy her birthday gift at Jimmy Choo.
This store at TsUM remains open – but stocks were limited.
And pictures showed distinctly grey clouds overhead.
‘They don’t have my size,’ she erupted to her mother and father. ‘I told you, we should have come earlier.’
Western sanctions are starting to hit consumers in Russia with many shops now closed
Russians have been seen forming huge queues at ATMs in a rush to withdraw their deposits in US dollars
Western sanctions and the collapse of the rouble have hammered the spending power of ordinary Russians
The global financial system faces being split as Russia turns to China’s answer to Visa and Mastercard after the card firms pulled out of the country along with a swathe of other Western companies including Netflix and TikTok.
Lenders including Sberbank and Alfa Bank plan to move to China’s UnionPay for their customers’ bank cards – although an expert today said the move would take time and cause severe economic disruption.
It is a fresh sign the world’s financial system is splintering in two, with Moscow increasingly backing Beijing’s efforts to challenge the West’s domination of global banking infrastructure.
Russia has also been recently ejected from Swift – which banks use to exchange messages – prompting concerns it will turn instead to CIPS, a Chinese rival.
Western sanctions and the collapse of the rouble have hammered the spending power of ordinary Russians, who have been seen forming huge queues at ATMs in a rush to withdraw their deposits in US dollars.
Last night, accountancy firms PWC and KPMG became the latest firms to announce their withdrawal from Russia and its ally, Belarus. Meanwhile, there have been calls to boycott Coca-Cola, McDonald’s and Pepsi for continuing to do business in the country.
Here’s how YOU can help: Donate here to the Mail Force Ukraine Appeal
Readers of Mail Newspapers and MailOnline have always shown immense generosity at times of crisis.
Calling upon that human spirit, we are supporting a huge push to raise money for refugees from Ukraine.
For, surely, no one can fail to be moved by the heartbreaking images and stories of families – mostly women, children, the infirm and elderly – fleeing from Russia’s invading armed forces.
As this tally of misery increases over the coming days and months, these innocent victims of a tyrant will require accommodation, schools and medical support.
Donations to the Mail Force Ukraine Appeal will be used to help charities and aid organisations providing such essential services.
In the name of charity and compassion, we urge all our readers to give swiftly and generously.
TO MAKE A DONATION ONLINE
Donate at www.mailforcecharity.co.uk/donate
To add Gift Aid to a donation – even one already made – complete an online form found here: mymail.co.uk/ukraine
Via bank transfer, please use these details:
Account name: Mail Force Charity
Account number: 48867365
Sort code: 60-00-01
TO MAKE A DONATION VIA CHEQUE
Make your cheque payable to ‘Mail Force’ and post it to: Mail Newspapers Ukraine Appeal, GFM, 42 Phoenix Court, Hawkins Road, Colchester, Essex CO2 8JY
TO MAKE A DONATION FROM THE US
US readers can donate to the appeal via a bank transfer to Associated Newspapers or by sending checks to dailymail.com HQ at 51 Astor Place (9th floor), New York, NY 1000
Source: Read Full Article
