L'Oréal has confirmed it is maintaining a "limited" business presence in Russia despite many other companies having left the country.
CEO Nicolas Hieronimus said the French cosmetics giant is continuing activity in a limited capacity, despite the ongoing Russian-Ukrainian war.
"We have… maintained a limited part of our business in Russia,” Hieronimus told French public radio channel France Inter on 25 November.
When asked about the fate of L’Oréal’s Kaluga plant in the south of Moscow, which manufactures shampoos, hair colours, hygiene and baby products, he said: "We cannot stop the economy.
“[These are] essential everyday products that allow us to keep our factory running, to pay salaries and to protect the safety of our employees in Russia.
"And it is this, I believe, that allows us today, I hope, to avoid seizures or actions that could be taken against our assets and above all against our employees.”
Russian President Vladimir Putin declared war on Ukraine in February 2022.
Following the invasion, L'Oréal announced on 8 March 2022 that it would temporarily close its store network in Russia, but maintain its factory.
The company had 2,200 Russian employees at the time.
L’Oréal has so far avoided the Russian state taking control of its assets.
This is the fate that happened to the likes of French multinational food company Danone and Denmark brewing company Carlsberg in mid-July.
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