Stockmann withdrew from Russia for good already in 2019, but the Russian operator conducts business under the same name under a license agreement.
German fashion brand Hugo Boss has sold its Russian business to the Russian Stockmann JSC, which is the clothing brand’s wholesale partner there.
The transaction amount has not been disclosed. According to the news agency Reuters, Russia demands at least a 50 percent reduction in the value of the withdrawing companies when they transfer their operations to the hands of the Russian buyer.
The fashion house stopped retail sales in Russia in 2022, when Russia invaded Ukraine.
Russia’s Stockmann operates independently from Finland’s Stockmann, which began withdrawing from Russia after Russia’s annexation of Crimea in 2014 and finally sold its department store operations in 2019.
Stockmann’s name is used in Russia by the Russian company Reviva through a license agreement until 2028.
Reuters