American company Estée Lauder Cos. announced on Monday that they will close all the stores they own and manage in Russia and will stop supplying products to the retailers in the country, The Wall Street Journal reports.
Last week, the New York cosmetics giant suspended business investments and financial initiatives in the country. Russian headquarters helped compensate for volatility in the Chinese market under quarantine through COVID-19.
According to a recent report by the Yale School of Management, Estee Lauder receives about 2.7% of its income from Russia. The company has been operating in Russia for over 30 years.