Revenue down by more than 5 times: here is how much Gucci lost in Russia

In 2022 Gucci’s Russian subsidiary recorded a net loss of 1.55 rubles: about 18 million euro. That’s because revenue was down by more than 5 times, from 5 billion rubles in 2021 to 955 million in 2022. Since March 5th 2022, Gucci suspended activities in stores in Russia, but retained jobs and commercial space. The…