Lush in talks to buy out partner in Russia
LUSH is preparing to buy back shares in its Ukrainian business from a Russian entrepreneur and socialite as the selfstyled “ethical” cosmetic brand races to sever ties with Moscow.
The company is in negotiations to acquire the shares in the Ukrainian business that it does not already own ahead of the Lviv site reopening today. There are 15 Lush stores in the country.
The business is understood to be co-owned by Dmitry Azarov, and his wife, a socialite who runs a chain of vegetarian cafes in Russia. Lush declined to comment.
The company said on Thursday that its 48 stores in Russia would remain open because they are run by a Russian licensee under a long-standing legal agreement. It said at the time: “Our Russian and Ukrainian businesses are asso- ciate companies, both 65pc owned by a Russian citizen.”
Mr Azarov has previously been named as a co-owner of the Russian business, and has posted multiple pictures of himself with Mark Constantine, the Lush co-founder, and at a number of
its stores on social media over the years.
In photos on social media, Mr Azarov and his wife appear alongside figures linked to the Russian regime. Mr Azarov has been pictured with Arkady Novikov, a restaurateur who has been described as a close friend of the Russian president Vladimir Putin, while his wife Irina appears alongside Victoria Manasir, the wife of Jordanian-born Russian businessman Ziyad Manasir, who has also been linked with the Kremlin. There is no suggestion that either Mr Azarov or his wife have any associations with President Vladimir Putin. Neither could be reached for comment yesterday.
Lush said earlier this week it was suspending supply to its Russian licensee and stopping online sales in Russia, as well as trying to buy the remaining shares of the Ukraine business.