Home LEAD STORY

Audemars Piguet and Richard Mille close Moscow boutiques

0
Both Audemars Piguet boutiques in Moscow have closed.

Richard Mille has not responded to a request for information about its position on suspending operations in Russia, but the company’s website says that its Moscow boutique is “temporarily closed”.

Audemars Piguet, which has two boutiques in Moscow, suspended exports to Russia as of  February 24, a spokesperson has confirmed.

Both boutiques are “temporarily closed,” according to the AP website.

Advertisement
Richard Mille’s website says its Moscow boutique is temporarily closed.

The only luxury watch brand for which WATCHPRO can find no signs that its monobrand boutiques have been closed is Patek Philippe.

The watchmaker has five points of sale in Russia, including a boutique in Moscow, all run by Mercury.

Mercury, oversees retail and distribution for the majority of luxury watches in the country.

It has 35 jewellery and watch boutiques in Moscow, seven in St Petersburg and five in Sochi representing Rolex, Patek Philippe, Chopard, Hublot, Breguet, Girard-Perregaux, Tudor, Zenith, Bell & Ross, Breitling, Blancpain, De Bethune, Urwerk, DeWitt, Greubel Forsey, Ulysse Nardin, TAG Heuer, Gucci and Channel.

It is highly unlikely Patek Philippe has been supplying watches to Mercury since Russia invaded Ukraine, triggering unprecedented sanctions that make payments between the Federation and Swiss extremely difficult.

That has led to Russia being completely cut off from Swiss watches, jewellery and other luxury goods.

LVMH, Swatch Group, Richemont, Rolex and Breitling have all confirmed boycotts.

Russia was the 17th largest market in the world for Swiss watches last year, receiving exports worth CHF 260 million (1.5% of the global total) with a retail value of over half a billion francs.

Wealthy Russians have been trying to buy high value assets like luxury watches since the invasion of Ukraine began, according to reports.

There are still multibrand boutiques open, but resupply has all but, or entirely, stopped.

Previous articleKonstantin Chaykin sends unique timepiece to auction
Next articleSeiko releases Speedtimer chronograph for World Athletics Championships in Oregon

LEAVE A REPLY

Please enter your comment!
Please enter your name here