Mar 7, 2022 - Economy

Estée Lauder closing all stores in Russia due to invasion

Rebecca Falconer

A crowd of Soviet women gathers at the window display of an Estee Lauder store in Moscow. Paulina Porizkova, an Estee Lauder model, is pictured on the advertising poster in 1989. — A crowd gathers at the window display of an Estée Lauder store in Moscow in what was then the Soviet Union in 1989, per Reuters. Photo: Peter Turnley/Corbis/VCG via Getty Images

Estée Lauder announced Monday it has "decided to suspend all commercial activity in Russia, including closing every store we own and operate, as well as our brand sites and shipments to any of our retailers in Russia."

Driving the news: The multinational makeup giant said in a statement it wanted to "stand with all those that are suffering, including our employees and their families and the people of Ukraine" following the Russian military invasion.

Estée Lauder said it was already supporting Ukrainian staff via "compensation, maintenance of regular communication" and the offer of relocation assistance.

What to watch: The Estée Lauder Companies Charitable Foundation has committed $1 million in support of relief efforts in Ukraine and the company will be donating its products "to those displaced and in need," the company said.

An employee charitable matching gifts program "will double match eligible employee donations to various disaster relief nonprofits year-round, including organizations already active in Ukraine and in neighboring countries," the company said.

The big picture: Giant global businesses in every sector are abandoning Russia following the invasion, Axios' Hope King writes.

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Estée Lauder closing all stores in Russia due to invasion

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