Exit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exited Exit CompletedExit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market or liquidated local entity(ies)
Exited Exit Completed"HUGO BOSS RUS" LLC (tax id 7705998285). It also has trade relations with the local company "BRENTA" LLC, tax id 7706765460. Company HUGO BOSS RUS received plenty of direct shipments from Hugo Boss AG as of March 31, 2023, based on the Russian customs data. A lot of customs transactions ~18k in a year. 08.2024: JSC ""STOCKMANN"" becomes the new founder of the organization. The entry about the founders ""HUGO BOSS AG"" and ""HUGO BOSS INTERNATIONAL B.V."" has been removed from the Unified State Register of Legal Entities. 08.13.2024: The name has been changed from LLC ""HUGO BOSS RUS"" to LLC ""LINK FASHION"".
Promised to suspend retail business operation, e-commerce and close the stores. Made a donation to Red Cross but later there were proofs found that the company is continuing to sell its goods in Russia and "HUGO BOSS RUS" LLC is still active and received revenues in 2021-2022. Company HUGO BOSS RUS receives plenty of direct shipments from Hugo Boss AG as of March 31, 2023, based on the Russian customs data. A lot of transactions ~18k in a year. Promised to suspend retail business operation, e-commerce and close the stores. Stockmann became the buyer of the Russian business of the German clothing manufacturer Hugo Boss, which included 19 stores in Russia at the end of 2022. The deal, according to experts, could cost 800 million rubles, taking into account all the discounts. with a market value of the business of 1.8 billion rubles. Hugo Boss sold Russian business to wholesale partner Stockmann. "We can confirm that our Russian subsidiary has been sold to Stockmann JSC – a company belonging to one of Hugo Boss's long-standing wholesale partners in the country," Hugo Boss said. Neither party has disclosed financial terms of the deal, but Russia demands that foreign companies sell assets at discounts of at least 50%. Stockmann did not respond immediately to a request for comment. Russian corporate filings showed that the deal closed on Aug. 2 and that Stockmann JSC now owns 100% of Hugo Boss Rus with a nominal value of 40 million roubles ($470,588). Hugo Boss appears to be back, with two stores recently opened in the sprawling Evropeyskyi shopping center near Kyivskyi Station in Moscow, and more are said to be on the way. Despite the closure of outlets since the start of the war, B4Ukraine, a coalition calling on Western companies to sever ties with Russia, criticized Hugo Boss for continuing wholesale deliveries. This meant that the Russians were never truly without their beloved Boss. The firm said in a statement that it is "no longer present in Russia with its own legal entity", explaining that the reopened stores are managed by a former wholesale partner who bought the Russian subsidiary of Hugo Boss.