16 Aug 2023 11:31

Hugo Boss to sell Russian business, refocus on wholesale sales

MOSCOW. Aug 16 (Interfax) - German clothing and accessories company Hugo Boss AG has revised its business model in Russia and plans to sell its assets to focus on its wholesale business in the country, the company reported.

The company has classified all assets and liabilities in Russia as held for sale and negotiations are being held to sell them, the report said.

This was first reported by national daily Kommersant, which reported Hugo Boss as saying that the company is reviewing its business structure in Russia and looking for a solution that is consistent with its business model.

Hugo Boss temporarily closed its stores in Russia and suspended all retail operations and online sales in the country on March 9, 2022. Russia and Ukraine generated about 3% of the company's revenue in 2021.