The rights to sublease the Adidas chain in Russia were acquired by the structure of the owner of Stockmann and Lamoda, Yakov Panchenko, Natalia Kermedchieva, head of new brands at the Union of Shopping Centers and co-owner of the REC + retail group, told TASS.
The first stores of the new brand will open in Moscow in spring 2024. The assortment will remain the same, but prices may increase “up to 20%.”
- In March 2022, Adidas announced the suspension of operations in Russia and the temporary closure of retail stores. In the fall, the company decided to limit its business in the country.
- In the third quarter of 2022, the brand lost 100 million euros due to the suspension of operations in Russia. At the end of the second quarter, the company also recorded losses of 100 million euros for the same reason.
- In May, the German manufacturer planned to sell its business in Russia to a foreign investor; In June, the Turkish company FLO Retailing and the Middle East Daher group were negotiating the purchase of the Russian chain Adidas.
Author:
Karina Pardaeva
Source: RB
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