- This content was produced in Russia, where laws restrict reporting on Russian military operations in Ukraine
MOSCOW, Dec 13 (Reuters) – Global Fashion Group (GFG), a fashion retailer mainly focused on emerging markets, said it had completed the sale of its Moscow-based business Lamoda for at least 95 million euros (1 billion) later Monday.
The deal makes GFG the latest foreign company to sell assets in Russia. As a result of Moscow’s actions in Ukraine, many Western companies have left the market.
“As of September 30, GFG had received proceeds (net of transaction costs) of €95 million, in addition to the cash held by the Lamoda business,” GFG said in a statement.
GFG has sold Lamoda, an online retailer launched in 2011 and operating in Belarus and Kazakhstan, to Yakov Panchenko, who owns Stockmann AG, which operates 11 department stores in Russia under the Stockmann brand.
“The company will continue to grow without major strategic and operational changes to the business,” Yakov said in a joint statement with Lamoda. “We have no plans to merge the company with my other assets.”
Yakov added that the management team will remain the same.
($1 = 0.9489 EUR)
Reporting by Alexander Marrow; Editing by Jason Neely
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