Russia approves deal for Hugo Boss to sell Russian business, Interfax reports

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24/04/2024 09:11

MOSCOW, April 24 (Reuters) - Russia's government
commission on foreign asset sales has approved a deal for German
fashion house Hugo Boss  BOSSn.DE  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. 

 (Reporting by Reuters in Moscow and Alexander Marrow in London;
additional reporting by Linda Pasquini
Editing by Tomasz Janowski)
 ((alexander.marrow@thomsonreuters.com;))