L'Oreal suspending operation of stores, investments in Russia

MOSCOW. March 9 (Interfax) - The cosmetics manufacturer L'Oreal Groupe has announced the decision to suspend operation of stores and investments in Russia.

"We are fully aligned with the position of the French and European authorities. We have decided to temporarily close all our own stores and directly operated counters in department stores and to suspend all industrial and national media investments," the company said in a statement.

L'Oreal will also temporarily close its own brand e-commerce sites in Russia.

"We are assessing additional measures, whilst still taking care of our 2,200 Russian employees," it said.

L'Oreal serves as an umbrella for such cosmetics and perfume brands as Lancome, Giorgio Armani Beauty, Yves Saint Laurent Beaute, Biotherm, Kiehl's, Ralph Lauren, Helena Rubinstein, Urban Decay, L'Oreal Paris, Garnier, Maybelline NY, Vichy, La Roche-Posay and others.

Another cosmetics and perfume manufacturer, Estee Lauder Companies Inc., announced the closure of its stores and suspension of deliveries to Russia earlier.