Estée Lauder to Close All the Stores It Owns in Russia

NEW YORK, TGO: Estée Lauder Cos. said Monday it will close all stores that it owns and operates in Russia and stop shipping products to retailers in the country.

The New York-based cosmetics giant last week suspended business investments and initiatives in the country. Russia was one of the company’s strongest performers in the most recent quarter, helping to offset volatility in the Chinese market amid Covid-19 lockdowns there.

Estee Lauder gets roughly 2.7% of its revenue from Russia, according to a recent report by the Yale School of Management. The company has had a presence in Russia for more than 30 years.

A company spokeswoman didn’t immediately respond to a request for comment.