Hugo Boss allowed to sell Russian business to the company

OREANDA-NEWS  Stockmann will become the buyer of the Russian business of the German fashion manufacturer Hugo Boss. This was reported by Interfax with reference to the deputy head of the Ministry of Industry and Trade of the Russian Federation Viktor Yevtukhov.

The deal approved by the government subcommittee on Foreign Investment is scheduled to close in the third quarter of 2024. It is noted that stores that have been closed since 2022 will be opened at the same time. According to the official, the agreement stipulated the preservation of all jobs.

Hugo Boss has been represented in Russia since 1992 under the franchise system, and since 2011 began to open its own outlets. In the summer of 2023, commenting on the situation with work in the country, the company announced that it was looking for an opportunity to switch to wholesale supplies and sell its assets and liabilities in the Russian Federation.

Earlier it became known that luxury brands that have stopped operating their stores in Russia will almost not remain in the country by the end of 2024. In particular, all procedures related to Chanel’s care can be completed within such a time frame.

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