13 Dec 2022 11:13

Stockmann owner closes deal to buy Lamoda from Global Fashion Group

MOSCOW. Dec 13 (Interfax) - The owner of the Stockmann department store chain in Russia, Yakov Panchenko has closed a transaction to buy the Lamoda fashion retail business in Russia, Belarus and Kazakhstan from Global Fashion Group (GFG), the online retailer reported.

The deal will not affect Lamoda's development strategy, and CEO Jerry Kalmis will remain at the helm, the company said.

"The company will continue its development without significant strategic and operational changes in its business. We do not have plans to merge the company with my other assets," Panchenko was quoted as saying in the press release.

The Federal Antimonopoly Service reported in late November that it had received an application from German company Eastrealty Beteiligungs und Verwaltungs GmbH, which is owned by Panchenko, to buy the Russian legal entities of Lamoda.

Lamoda is an online clothing and footwear retailer that operates in Russia and other CIS countries. The company was founded in 2011 and became part of GFG in 2014.

Panchenko's Stockmann stores also work in the fashion segment. There were plans to hand the chain over to Sberbank , with the parties signing a letter of intent in January, but the deal never took place due to the imposition of sanctions against the bank, Kommersant reported in May.