“Our primary concern is for all colleagues and their families affected by the tragedy in Ukraine, and we will continue to support them,” Prada said on Saturday.

“The Group will continue to monitor further developments.”

Prada followed in the footsteps of other multinationals and luxury brands, including the French giants LVMH, Hermes and Chanel.

On Friday LVMH Moët Hennessy Louis Vuitton, owner of brands including Christian Dior, Givenchy and Bulgari, said it was shuttering its 124 boutiques in Russia from Sunday, while Kering, which owns Gucci and Saint Laurent, confirmed it would close its two shops in the country.

Spanish clothing giant Inditex, which owns Zara, also announced on Saturday that it was temporarily closing hundreds of shops in Russia as well as the group’s online shopping store.

The company is “temporarily suspending its activity in 502 shops”, it said in a statement.

“In the current circumstances Inditex cannot guarantee the continuity of the operations and commercial conditions in the Russian Federation and temporarily suspends its activity,” it added.

Giorgio Armani addressed the war directly on the catwalk, with its fashion show in Milan last week held in silence in solidarity with Ukraine.

“My decision not to use any music was taken as a sign of respect towards the people involved in the unfolding tragedy in Ukraine,” read a post across a black banner on the fashion designer’s Twitter account.

“The best thing to do is send a message that we don’t want to celebrate because something very disturbing is happening around us,” he later said on the sidelines of the show.

However, the company has yet to confirm whether it has shut or suspended its operations within Russia in line with some of its rivals.

Luxury labels have been exempt from the EU’s latest round of sanctions, meaning Italy can continue to export luxury goods to Russia without any legal repercussions.

However, doing business and fulfilling orders in the region have become increasingly difficult amid restrictions on payments and transactions.