Russia’s L’Etoile perfumery faces credit issues

Published: 11-Feb-2009

Credit problems are said to be the reason for the suspension of deliveries to a Russian perfumery chain by L'Oréal. The group has confirmed a report in the Moscow daily Kommersant that supplies to the L'Etoile enterprise have been suspended. Georges Chichmanov, head of L'Oréal's Russian operation, says a number of Russian distributors were experiencing liquidity problems which was having an effect on sales.


Credit problems are said to be the reason for the suspension of deliveries to a Russian perfumery chain by L'Oréal. The group has confirmed a report in the Moscow daily Kommersant that supplies to the L'Etoile enterprise have been suspended. Georges Chichmanov, head of L'Oréal's Russian operation, says a number of Russian distributors were experiencing liquidity problems which was having an effect on sales.

L'Etoile is one of the largest Russian perfumery chains with over 500 outlets. It is understood that the enterprise is currently trying to renegotiate its contracts and to obtain lines of credit from some of its other suppliers including Procter & Gamble.

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