The Government Commission approved the sale of the Russian assets of German clothing manufacturer Hugo Boss to local retailer Stockmann. The deal is expected to close in the third quarter. Taking into account the 50% discount established for this type of transaction, its amount could range between 700 and 800 million rubles.
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Viktor Evtukhov, deputy director of the Ministry of Industry and Trade, informed the Interfax agency that the agreement was approved. According to him, the conditions provide for the preservation of all Hugo Boss jobs in Russia. Once the deal is closed, the stores are planned to reopen.
“We confirm the fact of the transaction. The perimeter includes all Russian stores,” Stockmann CEO Gennady Levkin confirmed to Forbes.
INFOLine-Analytics CEO Mikhail Burmistrov estimated the value of the asset at 1.5 to 1.8 billion rubles. Thus, taking into account the discount, the company can be sold for 700-800 million rubles.
In addition, the manufacturer will have to pay 15% of the so-called voluntary contribution that the Russian authorities collect in the budget of companies that leave the country.
Hugo Boss stores have been closed in Russia since March 2022. The company has also suspended all retail operations and online sales.
In early autumn, the structure of the owner of Stockmann and Lamoda, Yakov Panchenko, bought the rights to sublease Adidas in Russia.
Author:
Natalia Gormaleva
Source: RB
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