2023-08-15 23:59:00
The German concern Hugo Boss AG has decided to reorient its business in Russia and engage in wholesale deliveries. Now the company is negotiating the sale of its assets in the country. It is reported by “Kommersant”.
“German Hugo Boss has decided to focus on wholesale supplies and is considering selling the remaining stores in the country. Now the company is revising its business structure in Russia and is looking for a solution that matches the concern’s business model.businessmanwith reference to the press service of the company. Information about the plans of the fashion retailer to switch to wholesale deliveries and transfer business in Russia was also confirmed to the publication by a source in the retail real estate market.
Earlier, the French-American cosmetics maker Coty, which includes about 80 brands, including Hugo Boss, said on the termination of activities in Russia. This is reported by Archyde.com. The company also noted that they do not expect strong economic losses from this decision. In 2021, just over 3% of sales came from Russia, according to the company.
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