Neither side disclosed the financial terms of the deal, but it is known that Russia requires foreign companies to sell assets at a discount of at least 50%.
German fashion house Hugo Boss has sold its Russian business to wholesale partner Stockmann, joining a number of Western brands pulling out of the Russian market because of the war against Ukraine. Reuters wrote this on Monday, August 5.
The German company suspended its retail business in Russia shortly after Moscow invaded Ukraine in February 2022. It suspended its e-commerce in the Russian market and stopped advertising.
Neither side disclosed the financial terms of the deal, but it is known that Russia requires foreign companies to sell assets at a discount of at least 50%.
In the Russian Federation, Stockmann operates separately from its former Finnish owner, who sold his Russian business after the illegal annexation of Ukrainian Crimea in 2014.
In total, as of 2022, more than 2,100 transnational corporations remained in the Russian Federation.
Source: korrespondent
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