March began on a subdued note, as the world was bombarded with news concerning the ongoing Ukraine crisis. Luxury brands showed their support in the form of donations, statements, and relief funds. Knight Frank released its Wealth Report ‘22 which noted art as a popular investment, while Sotheby’s reported the auction of yet another painting that broke price records.
Luxury brands provide aid to Ukraine
Luxury conglomerate LVMH (Louis Vuitton Moët Hennessy) is providing its 150 employees in Ukraine with essential financial and operational assistance. The company announced yesterday its plans to donate €5 million euros to support the International Committee of the Red Cross (ICRC) to help victims of the conflict. Auction house Phillips, which is owned by the Russian Mercury Group will donate 100% of the buyer’s premium and vendor’s commission from their 20th Century & Contemporary Art Evening Sale, totalling £5.8 million to the Ukrainian Red Cross Society. British fashion house Burberry is also donating money to the British Red Cross Ukraine Crisis Appeal, as is luxury group Kering, who is supporting the UNHCR, the United Nations Refugees Agency. Gucci has contributed US$ 500,000 to UNHCR as well. Fashion conglomerate Only The Brave Foundation, parent company to Diesel, Maison Margiela, Marni, Viktor & Rolf, Amiri and Jil Sander said it was supporting UNHCR with an undisclosed sum. Balenciaga showed its support for Ukraine by clearing their Instagram feed and dedicating it to sharing reports on the war.
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