German company Hugo Boss has sold its business in Russia. The new owner is the wholesale company Stockman, the Russian service of Deutsche Welle reports, UNN reports.
Details
It is noted that the German fashion house Hugo Boss has completed the sale of its Russian business. Now Hugo Boss Rus is owned by Stockman, one of Hugo Boss's longstanding wholesale partners in the country.
The amount of the deal was not disclosed. The Russian authorities demand a discount of at least 50% from Western companies when selling their business in Russia, Reuters reports. According to the agency, the deal was closed on August 2. Stockmann owns 100% of Hugo Boss Rus LLC worth 40 million rubles.
In late April, Hugo Boss agreed with the Russian government to sell its Russian business. One of the conditions of the sale was the preservation of all Hugo Boss jobs.