L’Oreal temporarily closing its stores in Russia

Cosmetics giant L’Oreal is temporarily closing its stores in Russia and suspending investments in the country in connection with the situation in Ukraine, Report informs referring to Reuters.

L’Oreal’s Russian business, which includes a production plant, accounts for a low, single-digit percentage of annual sales, according to the company.

The world’s biggest cosmetics firm, which owns the Lancome and Maybelline brands, said it was considering additional measures while seeking to take care of its 2,200 employees in Russia.

L’Oreal has 326 Ukrainian employees, the majority of whom remain in their country under what the company said were increasingly unbearable conditions.

“We are concerned for them and fear for their safety,” L’Oreal said, noting that it was providing financial and psychological support.

The company is also donating 5 million euros ($5.4 million) to international and regional aid organizations as well as United Nations agencies providing humanitarian aid.