Stefano Ricci Boutique in Yerevan Closed Amid Investigation into Businesses Linked to the Kocharyan Family
The official Stefano Ricci boutique in Yerevan is closed amid an investigation involving companies linked to the family of former Armenian president Robert Kocharyan. The investigative proceedings concern the store’s local operator.
For the international luxury industry, the story centres on the operations of local businesses representing established houses. The Stefano Ricci boutique on Yerevan’s Northern Avenue is among the premises affected by an investigation by Armenian law enforcement authorities.
According to Armenian media reports citing the Investigative Committee of Armenia, searches were conducted at the Stefano Ricci and Corneliani boutiques in central Yerevan on 25 August 2026.
Information released by the Armenian Prosecutor’s Office and reported in the local press states that criminal proceedings have been initiated against the current and former directors of Gritti LLC, which operates stores at 3 Northern Avenue and 12 Tumanyan Street. Both face allegations of large-scale tax evasion. Investigators allege that inaccurate information was submitted in tax returns, resulting in unpaid taxes of approximately AMD 1.577 billion and AMD 328.7 million, respectively. The allegations remain subject to judicial determination and do not constitute findings of guilt.
The connection between Stefano Ricci’s Armenian representation and the Kocharyan family has previously been reported in the local press. Armenian media have identified Sedrak Kocharyan, the former president’s eldest son, as the owner of the brand’s official representation in the country. This concerns the local business representing the Italian house in Armenia.
