×
68 807
Fashion Jobs
GAP INC.
Manager, Digital Marketing Operations
Permanent · San Francisco
GAP INC.
Assistant Manager, Customer Operations - Westgate
Permanent · Brockton
NEIMAN MARCUS
Sales Manager, Women's Designer Rtw - Northpark
Permanent · Dallas
NORDSTROM
Finance Manager e2e Sales Consolidations - Hybrid Seattle, Hybrid Los Angeles, or Hybrid Denver
Permanent · Seattle
NORDSTROM
Asset Protection - Agent - Towson Rack
Permanent · Towson
NORDSTROM
Asset Protection - Agent - Golde Creek Plaza Rack
Permanent · Lynnwood
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Media
KOHLS
Operations Manager - Blue Springs
Permanent · Blue Springs
OLD NAVY
Assistant Manager, Customer Operations - Chautauqua
Permanent · Lakewood
ULTA BEAUTY, INC.
CO - Sales Manager
Permanent · Kissimmee
ULTA BEAUTY, INC.
General Manager
Permanent · Hanover
AESOP
Part-Time Retail Consultant | Cherry Creek
Permanent · Denver
HOLLISTER CO. STORES
Abercrombie & Fitch - Manager in Training, Valley Fair
Permanent · Santa Clara
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Rehoboth Beach Outlet
Permanent · Rehoboth Beach
ABERCROMBIE AND FITCH STORES
Abercrombie & Fitch - Manager in Training, Gilroy Outlet
Permanent · Gilroy
ABERCROMBIE KIDS STORES
Abercrombie Kids - Manager in Training, San Marcos Outlet
Permanent · San Marcos
ABERCROMBIE KIDS STORES
Abercrombie Kids - Manager in Training, Dolphin Mall
Permanent · Miami
ABERCROMBIE KIDS STORES
Abercrombie Kids - Manager in Training, Somerset North
Permanent · Troy
ABERCROMBIE KIDS STORES
Abercrombie Kids - Manager in Training, Memorial City
Permanent · Houston
LULULEMON
Assistant Manager, Operations | Polaris Fashion Place
Permanent · Columbus
ROSS STORES
Store Protection Specialist
Permanent · Charlotte
ROSS STORES
Store Protection Specialist
Permanent · Riverside
By
AFP
Published
Mar 20, 2022
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Swiss slap sanctions on luxury exports to Russia

By
AFP
Published
Mar 20, 2022

Switzerland on Friday adopted the EU's sanctions on exporting luxury goods to Russia imposed over the Kremlin's war in Ukraine, acknowledging that some Swiss companies could be badly hit.


Watchmaking is the wealthy Alpine nation's third-largest export sector - @tagheuer


The European Union imposed a fourth wave of sanctions on Tuesday, which Switzerland said it would match.

Switzerland is not in the EU and has a long-standing tradition of neutrality on matters of war, but nonetheless has been aligning itself with waves of EU sanctions imposed following Russia's February 24 invasion of Ukraine.

The new measures "will come into force within the next few days", the Swiss government said in a statement.

"The ban on the export of luxury goods contained in the new sanctions affects only a small portion of Switzerland's global exports of such goods. However, specific companies could be seriously affected," Bern admitted.

Watchmaking is the wealthy Alpine nation's third-largest export sector, though far behind the giant pharmaceutical sector.

Russia is the 17th-biggest export market for Swiss watch manufacturers, amounting to 260 million Swiss francs ($280 million, 250 million euros) last year, according to statistics from the watch industry federation, representing around one percent of total Swiss watch exports.

However, exports only give a partial indication of watch sales to wealthy luxury watch lovers, who often splash out during tourist trips to Switzerland.

Rich Russians are among the chief watch enthusiasts, with President Vladimir Putin himself regularly seen wearing prestigious Swiss brands on his right wrist.

Even before the sanctions, several major Swiss brands including Rolex had already halted their exports to Russia.

Last week, the Swatch group, which owns of Tissot, Omega and Breguet, closed its stores in Russia, having already suspended its exports the week before.

Luxury goods giant Richemont, owner of jewellery house Cartier and luxury watches such as IWC and Jaeger-LeCoultre, also suspended operations in Russia from March 3.

The EU's list of targeted products bans the export of champagne as well as cigars, perfumes, watches, jewellery, yachts and luxury sedan cars.

Copyright © 2022 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.