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.
The only luxury watch brand for which WATCHPRO can find no signs that its monobrand boutique has 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 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.
Geo-politics aside, you’ve been doing a great job hammering all these companies on their operations in Russia. Keep it up.