Global Fashion Group sells Moscow-based Lamoda business for 95 mln euros
13/12/2022 11:54
*
This content was produced in Russia where the law
restricts
coverage of Russian military operations in Ukraine
MOSCOW, Dec 13 (Reuters) - Global Fashion Group (GFG), a
fashion retailer focused primarily on emerging markets, has
completed the sale of its Moscow-based business, Lamoda, for at
least 95 million euros ($100 million), it said late on Monday.
The deal makes GFG the latest foreign company to sell assets
in Russia. Scores of Western firms have left the market over
Moscow's actions in Ukraine.
"GFG received proceeds of 95 million euros (net of
transaction costs) in addition to the cash held in the Lamoda
business as at 30 September," GFG said in a statement.
GFG has sold Lamoda, an online retailer launched in 2011
that also operates in Belarus and Kazakhstan, to Yakov
Panchenko, who owns Stockmann AG, which operates 11 department
stores in Russia under the Stockmann brand.
"The company will continue its development without
significant strategic and operational changes to the business,"
Yakov said in a joint statement with Lamoda. "We have no plans
to merge the company with my other assets."
Yakov added that the management team would remain unchanged.
($1 = 0.9489 euros)
(Reporting by Alexander Marrow; editing by Jason Neely)
((alexander.marrow@thomsonreuters.com))