Kyiv’s only Fabergé boutique closes after Russian buyer takes over

Zarina, a Ukrainian jewelry house, has closed Kyiv’s only Fabergé boutique and fully terminated its cooperation with the Dutch company Fabergé Limited. The decision followed the brand’s acquisition by SMG Capital (USA), owned by British businessman of Russian origin Sergey Mosunov, Zarina told LIGA.net.

Since 2012, Zarina had served as Fabergé’s exclusive representative in Eastern Europe. Until now, the brand’s London headquarters had avoided promoting any Russian aesthetic, and its Ukrainian partners emphasized that the jewelry house’s history was linked to Kyiv and Odesa.

However, this may change under the new ownership, says Zarina Netovkina, Zarina’s creative director. According to her, the company’s new owner is "a fan of everything Russian," despite living in London.

Fabergé’s international team offered to continue the partnership, but Zarina chose to end the cooperation. "Sooner or later, pro-Russian collections will appear, and that contradicts our values," Netovkina said.

Last week, the new owner announced that the company would resume production in Russia.

The boutique on Horodetskyi Street has already removed the Fabergé signage and ceased its financial relationship with the brand. Unsold Fabergé pieces are still available there, but all proceeds will remain in Ukraine. "Not a single penny from this jewelry will go to the new Fabergé office," Netovkina said.

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At the end of October, Zarina opened a new boutique of the Natkina jewelry brand — created by Martina Netovkina, the eldest daughter of Zarina’s founder Natalia Netovkina — in the Kyiv Passage, replacing the former Fabergé location.

Natkina operates in the demi-fine jewelry segment, offering semi-precious pieces made with American cubic zirconia instead of diamonds.

The brand already has four stores in Switzerland (Geneva, Zurich, Lucerne, and Lausanne), as well as one location each in Qatar and France.