Hugo Boss greenlit to sell Russian business to JSC Stockmann

MOSCOW. April 24 (Interfax) - Russia's government subcommission for foreign investment has approved the sale of German fashion company Hugo Boss's Russian business to JSC Stockmann, Deputy Industry and Trade Minister Viktor Yevtukhov told Interfax.

One of the terms of the deal is that all jobs at the Russian Hugo Boss division will be preserved, Yevtukhov said.

The deal is expected to be closed in the third quarter of 2024 after the completion of all necessary legal and administrative procedures. The retailer's stores in Russia will reopen once the deal is completed.

Hugo Boss suspended online sales and the operations of its stores in Russia in March 2022.