French personal care company L'Oreal S.A. announced on Tuesday that it would temporarily be shutting down all its stores in Russia.
"Regarding our activity in Russia, we are fully aligned with the position of the French and European authorities. We have decided to temporarily close all our stores and directly operated counters in department stores and to suspend all industrial and national media investments," the company stated. In addition, L'Oreal said that it would also temporarily close its e-commerce sites for the Russian market.
The company provided €5 million in humanitarian aid and distributed "250,000 essential care and hygiene products" to those hit by the crisis in Ukraine.
