MOSCOW, Dec 13 (Reuters) – Global Fashion Group (GFG), a fashion retailer mainly focused on emerging markets, has completed the sale of its Moscow-based business Lamoda for at least 95 million euros ( 100 million dollars), he said. late monday.
The deal makes GFG the latest foreign company to sell assets in Russia. Many Western firms have left the market because of Moscow’s actions in Ukraine.
“GFG received proceeds of €95 million (net of transaction costs) in addition to cash held in the Lamoda business on September 30,” GFG said in a statement.
GFG has sold Lamoda, an online retailer launched in 2011 that also operates in Belarus and Kazakhstan, to Yakov Panchenko, who owns Stockmann AG, which operates 11 stores in Russia under the Stockmann brand.
“The company will continue its development without significant strategic and operational changes in 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 unchanged.
($1 = 0.9489 euros)
Reporting by Alexander Marrow; editing by Jason Neely
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