Polish clothing retailer LPP has decided to sell its Russian division to a Chinese consortium informs TASS. He owns such brands as Reserved and House, as well as Sinsay, whose stores in Vladivostok in the shopping center “More” and “Kalina Mall” were closed following the start of a special operation in Ukraine.
“The head office of LPP SA in Gdansk reports that the decision of the company’s board to sell its Russian division to a Chinese consortium was the result of consideration of proposals and negotiations with potential buyers,” the report says.
As part of the deal, the buyer does not receive the right to use trademarks and brands owned by LPP, but will have the right to sell all goods owned by the Russian division of the company, the report says.
Also, the Moscow office of the retailer specified that the opening of the first stores of the company is expected in the coming weekend.
LPP Joint Stock Company is a Polish company that designs, manufactures and distributes clothing and manages the brands Reserved, House, Cropp, Mohito and Sinsay. The company’s sales network consists of more than two thousand stores in 26 countries.
Earlier, LPP reported that it had closed all its stores in Russia. The company also completely suspended the transportation of goods to Russia and investments in the Russian Federation, online sales of all its brands.