Lush suspends shipments, online sales to Russia

MOSCOW. March 11 (Interfax) - Cosmetics company Lush announced on Thursday that it has suspended shipments of its products to its Russian licensee and stopped online sales into Russia.

"With the Ukrainian shops obviously closed and worldwide sanctions taking effect in Russia the business prospects are bleak, but do not pose a material risk to the Group," the company said in a press release.

Lush's Russian and Ukrainian businesses are associate companies that are both 65% owned by a Russian citizen, the company said. There are 48 Lush stores in Russia and 15 in Ukraine.

The owner of 65% of Lush Russia LLC is Dmitry Azarov, who also serves as CEO of the company, the SPARK-Interfax system showed. The other 35% is owned by the UK's Lush Limited.

Lush Russia closed 2020 with a net profit of 37.1 million rubles on revenue of 1.16 billion rubles.