Owner of Reserved, Cropp brands decides to sell Russian business
MOSCOW. April 28 (Interfax) - Polish retailer and clothing manufacturer LPP SA, owner of the Reserved, Cropp, House, Mohito, and Sinsay brands, has decided to sell its Russian division, the company said in a statement.
"The European management of LPP is already currently negotiating with potential buyers," the company said.
LPP also said that it would provide information on further decisions and results on analyzing the proposals from and negotiations with the potential buyers.
LPP decided in March to shutter its Russian stores, announcing on March 30 that it had completed the steps necessary to halt the operations of the stores, and that it had closed them. LPP had earlier stopped delivering its goods and products to Russia, and had ceased investments and developing its network and online sales in the country.
LPP is a family-owned Polish company with a network exceeding 2,000 stores.
Re Trading LLC, LLP's Russian subsidiary, doubled revenue year-on-year to 52.9 billion rubles in 2021 to Russian Accounting Standards (RAS) from 27.35 billion rubles the previous year, swinging to a net profit of 4.86 billion rubles from a net loss of 131 .2 million rubles, according to company data posted in the SPARK-Interfax analytical system.