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Chanel restricts sales to Russians living abroad enraging socialites

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The luxury brand began their own protest against Russia’s invasion of Ukraine

After pulling out of Russia last month, Chanel is now also unavailable to many Russians living overseas.

A group of Russian socialites have been banned from purchasing the luxury goods in stores around the world.

One influencer Liza Litvin was denied a Chanel bag purchase in a Dubai mall, taking to social media to express her fury.

Russians took to their social media pages to post photos of the form Chanel requires them to sign in order to purchase products. SOURCE: Twitter

She posted that the company will only sell stock to Russian customers after they agree that they won’t wear the product in Russia.

Chanel’s corporate office in France confirmed that the new policy has been imposed in response to the European Union’s sanctions on luxury items.

These regulations “prohibit the sale, directly or indirectly, of luxury items to any natural, legal person or entity in the Russian Federation or for use in the Russian Federation”.

Chanel says they “understand that these measures may create certain inconveniences for some customers” but assured that they are working on improving the procedure.

Many have taken to social media to condemn Chanel and to boycott them posting videos of themselves destroying bags.

Some of these celebrities have said that if Chanel doesn’t respect consumers then they can’t expect consumers to respect the brand.

One Russian singer and TV fashion show presenter Anna Kalashnikova was also barred from purchasing earrings and a bag at a Chanel store in Dubai.

But the celebrity pushed back, drawing a double standard as “Coco Chanel was not only a mistress of a Nazi officer but an agent of German intelligence”.

Whether Coco Chanel’s history as a member of the Third Reich will change anything remains unclear for the moment Russians living abroad remain shocked about the turn of events.

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

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Will Australia’s foreign investment rule create an economic boost?

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Australian Treasurer Dr. Jim Chalmers announced an overall of foreign investment rules ahead of the budget.

Australia is set to announce a significant decline in its projected gross debt, signalling a more optimistic outlook for the country’s fiscal health.

The Airport Economist, Professor Tim Harcourt at UTS joins to discuss.

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Research key to investment success

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What is the importance of research in the investing and super landscape in Australia?

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by Peter Green, Director of Research at Lonsec Research. #wyld money

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Why “stagflation” will be the greatest financial threat of 2024

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With inflation soaring and economic growth tapering off, concerns about stagflation are on the rise

Stagflation, a situation characterised by high inflation coupled with stagnant economic growth, presents a unique challenge that many are ill-prepared to face.

Mark Wyld from MW Wealth joins to unpack what defines “stagflation”. #featured

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