L’Occitane sells Russian stores

The French beauty brand L'Occitane has changed the composition of its founders, Report informs.

Instead of L’Occitane International S.A., Russia’s L’Occitane Rus is now owned by its CEO Rostislav Kovalenko (31%) and top managers Natalya Milekhina, Olga Sabirova and Alexey Shumov (all 23% each).

The shares of the new owners of the company are pledged to L’Occitane International.

In April 2022, L’Occitane announced the closure of stores and the suspension of online sales in Russia. On May 21, it became known that cosmetics stores opened in Russian shopping centers under the brand name written in Cyrillic.

Prior to this, L’Occitane announced the closure of stores in Russia.