German fashion manufacturer Hugo Boss plans to sell its assets in Russia; can enter wholesale trade, follow report manufacturer.
“In the first half of 2023, Hugo Boss reviewed its business model in Russia, taking into account the possibility of converting to a wholesale business. Accordingly, the company classified all relevant assets and liabilities as … held for sale,” the document said. says. He states that negotiations are currently ongoing regarding the sale and estimated timing.
Pavel Lyulin, Vice President of the Association of Shopping Centers, said that although the retailer announced that it had suspended its activities in Russia, some of its stores continued to operate.
“Hugo Boss doesn’t have many of his own stores left, and it will be difficult to sell them for good money, given the fact that the trademark is unlikely to remain,” the expert told the agency.
According to him, among the buyers can be distinguished those with whom Hugo Boss already cooperates in the distribution of goods. At the same time, Lyulin believes that on the basis of the sites sold, with authorized rebranding, it will be possible to open multi-brand stores to sell the same goods of the company.
In June, it was learned that the American clothing and footwear manufacturer VF Corporation, which owns a number of brands including Vans and The North Face, has decided to close all its stores in Russia and focus on wholesale deliveries.
Hugo Boss AG is a German fashion company. It was founded in 1923 in Metzingen. In March 2022, the brand announced the suspension of all sales in Russia in electronic and retail form.
