The owner of the L’Occitane cosmetics network estimated Russian assets at 3 billion rubles, which will be transferred to the local administration. RBC writes about it. The company will start receiving funds from 2025.
The agreement to transfer the business was made in June of last year. The company retained the right to repurchase. The fair value of the company’s Russian business as of June 3, 2022 was estimated at €44.5 million, based on interim reporting data for the first half of 2023.
Under the agreement, the amount is to be paid within four years, starting in 2025. As a result of the transaction, the shares of L’Occitane Russia were distributed among key employees as follows: Rostislav Kovalenko received 31% , Natalia Milekhina, Olga Sabirova and Alexey Shumov received 23% each.
These assets will be guaranteed by L’Occitane International, so from 2025 the company will be able to repurchase the shares. This right will be valid for five years. At the same time, the cost of exercising the purchase option will be formed based on the fair price of the L’Occitane Russia business.
Author:
Natalia Gormaleva
Source: RB
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