Hugo Boss sells Russian goods

Hugo Boss is now finally saying goodbye to its Russian activities. According to the Handelsblatt newspaper, Stockmann JSC, Metzinger’s long-standing wholesale partner, will take over operations in the Russian market. Rumors of a full sale have surfaced repeatedly over the past two years in light of the war in Ukraine. All Russian stores closed during the first year of the war in 2022.

Hugo Boss – Archive

An agreement has now been reached on the sale of its Russian subsidiary to Stockmann JSC, Boss announced on Wednesday, confirming a corresponding media report. European authorities still have to approve the deal.

The Russian news agency Interfax previously reported that the Russian government commission had approved the sale to retailer Stockmann. The purchase price was not disclosed. But given the ongoing war situation and the isolation of ‘Putin’s empire’, this can only have had a symbolic value.

As a result of the agreement, the fashion group will no longer have its own legal entity in Russia.

Hugo Boss recently announced that its 2025 sales target of five billion euros is likely to be ‘slightly postponed’ due to the slump in consumption and geopolitical tensions – especially in Ukraine and the Middle East. This year, the management expects growth of 3-6% to between 4.30 and 4.45 billion euros in turnover.

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