Global Fashion Group sells Moscow-based company Lamoda for 95 million euros | Bot To News

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MOSCOW, Dec 13 (Reuters) – Global Fashion Group (GFG), a fashion retailer mainly focused on emerging markets, has completed the sale of its Moscow-based company Lamoda for at least 95 million euros (100 million dollars), he said. Monday afternoon

The deal makes GFG the latest foreign company to sell assets in Russia. Dozens of Western companies have left the market because of Moscow’s actions in Ukraine.

“GFG received proceeds of €95 million (net of transaction costs) in addition to the cash it had in the Lamoda business as of September 30,” GFG said in a statement.

GFG sold Lamoda, an online retailer launched in 2011 that also operates in Belarus and Kazakhstan, to Yakov Panchenko, owner of Stockmann AG, which operates 11 department stores in Russia under the Stockmann brand.

“The company will continue its development without significant strategic and operational changes in the business,” Yakov said in a joint statement with Lamoda. “We have no plans to merge the company with my other assets.”

Yakov added that the management team would remain unchanged.

($1 = 0.9489 euros)

Reporting by Alexander Marrow; Edited by Jason Neely

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