Leading German fashion house Hugo Boss is selling its Russian business to its long-standing wholesale partner Stockmann, a spokeswoman for the luxury label said on Wednesday.
In the wake of Moscow's invasion of Ukraine, Hugo Boss shuttered its shops in Russia and suspended its online business in the country.
Russia and Ukraine accounted for around 3% of group sales in 2021, according to the company based in Metzingen, in south-west Germany.
The spokeswoman said Russian authorities have already given their approval to the pending sale. Once the transaction is completed, Hugo Boss will have have totally withdrawn from Russia and will no longer be represented by its own legal entity there.
The company has faced criticism because its clothes and accessories are still available in Russia via wholesalers. According to the spokesperson, this will not change even after Stockmann's takeover.
"We will continue to fulfil our contractual obligations to our Russian wholesale partners," she said.
