The government commission approved the deal
Photo: Artem Geodakyan/TASS
Moscow. April 24. INTERFAX.RU – The Government Subcommittee on Foreign Investments approved the sale of the Russian business of clothing and accessories manufacturer Hugo Boss to JSC Stockmann, Deputy Head of the Ministry of Industry and Trade of the Russian Federation Viktor Evtukhov told Interfax.
One of the conditions of the deal was the preservation of all jobs at Hugo Boss, he added.
The transaction is expected to close in the third quarter of 2024 after completion of the necessary legal and administrative procedures. At the same time, retail stores will be opened in the country.
Hugo Boss suspended online sales and operations of its stores in Russia in March 2022.
