Harrods hits Russian Buyers with $370 Spending Limit
May 18, 22
(IDEX Online) - Harrods, the landmark department store for the super-rich, in Knightsbridge, London, will no longer sell expensive jewelry, watches or other luxury goods to Russian customers.
It has contacted all customers on its database with a Russian address, warning them they can no longer buy items priced at over £300 ($370) because of UK sanctions.
"The UK authorities have introduced further regulations as part of their sanctions against Russia which specifically target the sale of luxury goods," says the store in an email.
"The regulations seek to prohibit the supply of many categories of luxury goods over certain values (generally £300) to individuals who are either currently or ordinarily in Russia."
Harrods, former supplier of goods to Queen Elizabeth, is now owned by the state of Qatar via its sovereign wealth fund.
It sells luxury brands including Rolex, Bulgari, Cartier, Chanel, Chopard, Piaget and Van Cleef & Arpels, and has become a magnet for wealthy Russians living in Britain.