Russia approves deal for Hugo Boss to sell Russian business, Interfax reports

Russia's government commission on foreign asset sales has approved a deal for German fashion house Hugo Boss to sell its Russian business to retailer Stockmann, Interfax reported on Wednesday, citing a government official. Hugo Boss did not immediately respond to a request for comment.

Hugo Boss, along with many retailers, temporarily suspended its retail business operations in Russia soon after Moscow despatched its army to Ukraine in February 2022. It also said it had paused its e-commerce activities in the Russian market and stopped advertising. Interfax cited Deputy Minister of Industry and Trade Viktor Yevtukhov as saying that the government commission had approved the sale, with one of the conditions being all jobs are preserved.

The deal is expected to close in the third quarter of this year, Interfax reported.

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