Since March 2022, the vast majority of foreign brands have suspended online and offline sales in Russia. According to the CMWP consulting company, by the beginning of 2023, about 85% of Western brands reported a change in the status of their business in Russia, of which 70% have already finally left our country, the remaining 30% are still thinking about the fate of the Russian division.

Thus, the German fashion house Hugo Boss intends to review the business structure in Russia and find a solution that corresponds to the concern's business model. In this connection, the brand announced the sale of its Russian assets to Stockmann JSC.

"We can confirm that HUGOBOSS has reached an agreement to sell its Russian subsidiary Stockmann, the company's long—time wholesale partner in Russia," the German fashion house said.

The government's Foreign Investment Subcommittee has already approved the deal, one of the conditions of which was the preservation of all jobs at Hugo Boss. The completion of the transaction and the opening of stores is expected in the third quarter of this year, now the parties are undergoing the necessary legal and administrative procedures. No information about the amount of the contract is currently known.

Do you want to keep up to date with the main events in the fashion industry and brand news?