Hugo Boss to divest Russian business to Stockmann
What: Hugo Boss defintively exits Russia.
Why it is important: The Russian counterpart of Finnish Stockmann (now Lindex), JSC Stockmann, a retailer, now hold all operations in the country.
Hugo Boss is set to exit its Russian operations by selling its business to JSC Stockmann, a wholesale partner, as reported by Reuters. This decision marks the termination of Hugo Boss's direct involvement in Russia, a move prompted by the geopolitical tensions in the region. The German fashion retailer halted its online sales and store operations in Russia in March 2022, according to Interfax.
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