Russia approves deal for Hugo Boss to sell Russian business
The German fashion house will reportedly sell its Russian business to retailer Stockmann
24 April 2024 - 11:06
byAgency Staff
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An employee displays suits at the Hugo Boss section of the Central Universal Department Store (TSUM Kyiv) in Kyiv, Ukraine. Picture: REUTERS/VALENTYN OGIRENKO/FILE
Moscow — Russia’s government commission on foreign asset sales has approved a deal for German fashion house Hugo Boss to sell its Russian business to retailer Stockmann, Interfax reported on Wednesday, citing a government official.
Hugo Boss did not immediately respond to a request for comment.
Hugo Boss, along with many retailers, temporarily suspended its retail business operations in Russia soon after Moscow despatched its army to Ukraine in February 2022. It also said it had paused its e-commerce activities in the Russian market and stopped advertising.
Interfax cited deputy minister of industry and trade Viktor Yevtukhov as saying that the government commission had approved the sale, with one of the conditions being all jobs are preserved.
The deal is expected to close in the third quarter of this year, Interfax reported.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Russia approves deal for Hugo Boss to sell Russian business
The German fashion house will reportedly sell its Russian business to retailer Stockmann
Moscow — Russia’s government commission on foreign asset sales has approved a deal for German fashion house Hugo Boss to sell its Russian business to retailer Stockmann, Interfax reported on Wednesday, citing a government official.
Hugo Boss did not immediately respond to a request for comment.
Hugo Boss, along with many retailers, temporarily suspended its retail business operations in Russia soon after Moscow despatched its army to Ukraine in February 2022. It also said it had paused its e-commerce activities in the Russian market and stopped advertising.
Interfax cited deputy minister of industry and trade Viktor Yevtukhov as saying that the government commission had approved the sale, with one of the conditions being all jobs are preserved.
The deal is expected to close in the third quarter of this year, Interfax reported.
Reuters
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