The Government Commission for the Control of Foreign Investment approved the sale of the Decathlon network in Russia to the owner of the Mango franchise, AMP. This was reported by TASS with reference to the State Secretary to the Deputy Head of the Ministry of Industry and Trade Viktor Yevtukhov.
The French sports network partially suspended its operations in Russia in March 2022 due to logistical difficulties. In January, it was reported about the company’s plans to sell the Russian business: the total amount of the company’s assets was estimated at 13-15 million rubles. In May, retail sources said Turkey’s FLO Retailing and Lebanese Azadea Group could become buyers of the business.
According to Yevtukhov, the commission reviewed the sale documents this week and decided to approve the deal. Under its terms, the buyer undertakes to start the work of 35 chain stores in Russia, as well as to restore about 1.4 thousand jobs.
“We did not allow Decathlon, or any other foreign company that decided to leave, to sell the business in parts and get the full value of the assets by breaking the law,” said a representative of the Ministry of Industry and Commerce.
According to SPARK, quoted by the agency, Vyacheslav Mareev is the general director of ARM LLC. Among other things, he is co-owner of existing businesses related to real estate rental (LLC Antibes, LLC Atriland) and restaurant activities (LLC Vinegret, LLC Cheese Factory Atrium).
Author:
Natalia Gormaleva
Source: RB
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