Hugo Boss has agreed to sell its russian business to its wholesale partner Stockmann, a deal that will end its presence in russia a little more than two years after it suspended operations. Reuters reports with reference to the fashion house's statement, UNN reports.
Details
Hugo Boss, along with many store chains, suspended its retail business in russia shortly after the full-scale russian invasion of Ukraine. The company also suspended its e-commerce activities in the russian market and stopped advertising.
It is noted that the russian government commission for the sale of foreign assets approved the deal, one of the conditions of which was the preservation of all jobs. Hugo Boss does not disclose the financial terms of the deal. russia requires foreign companies to sell assets at a discount of at least 50%.
As a result of the transaction, Hugo Boss will no longer be present in russia with its own legal entity
The deal is yet to be approved by the national European authority. It is expected to be finalized in the third quarter of this year.
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