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Astrid Wendlandt
Coty this month became the first major beauty group to sack its entire staff in Russia -- around 200 people -- in response to the country’s invasion of Ukraine. It made the move even though most of its perfumes and cosmetics cost under €300, the price threshold for EU and US sanctions on the export of luxury goods. Coty would neither confirm the number of redundancies nor the cost of winding down its operations but industry sources in Russia estimated it at “several tens of millions of dollars”.
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Now is a tough time to conclude deals, with stock market sentiment turning bearish. Nevertheless, RichemontChairman Johann Rupert said on Friday that talks with Farfetch CEO José Neves continued and he still hoped for a deal.

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Author and journalist Astrid Wendlandt conducted a four-year investigation into the secretive world of fashion and luxury involving hundreds of interviews with top executives and designers.
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