Global Fashion Group selling Lamoda to Stockmann owner Panchenko

MOSCOW. Oct 7 (Interfax) - Global Fashion Group (GFG) has agreed to sell the business of its online retailer Lamoda in Russia, Belarus, and Kazakhstan to Yakov Panchenko.

Conclusion of the deal depends on certain conditions, including approval from regulators, and is expected to take place in the coming months, GFG said in a statement.

GFG expects revenue of around 100 million euros in addition to the funds on Lamoda's balance sheet at the end of September.

Lamoda is an online retailer in Russia and the Commonwealth of Independent States specializing in clothing and shoe sales. The company was founded in 2011 and has been a part of Global Fashion Group since 2014.

Panchenko owns the Stockmann chain of department stores in Russia, which also operates in the fashion segment. There were plans to transfer the chain to Sberbank , and the parties signed an agreement of intent in January, but the deal did not take place due to the sanctions against Sberbank, the Kommersant newspaper said in May.