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Polish Fashion Group LPP Says it Won't Return to Russia

FILE PHOTO: Clothes are displayed on the mannequins at Polish fashion retailer LPP brand Reserved shop, amid the coronavirus disease (COVID-19), in Warsaw, Poland, September 4, 2020. Picture taken September 4, 2020. REUTERS/Kacper Pempel/File Photo
FILE PHOTO: Clothes are displayed on the mannequins at Polish fashion retailer LPP brand Reserved shop, amid the coronavirus disease (COVID-19), in Warsaw, Poland, September 4, 2020. Picture taken September 4, 2020. REUTERS/Kacper Pempel/File Photo
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Polish Fashion Group LPP Says it Won't Return to Russia

FILE PHOTO: Clothes are displayed on the mannequins at Polish fashion retailer LPP brand Reserved shop, amid the coronavirus disease (COVID-19), in Warsaw, Poland, September 4, 2020. Picture taken September 4, 2020. REUTERS/Kacper Pempel/File Photo
FILE PHOTO: Clothes are displayed on the mannequins at Polish fashion retailer LPP brand Reserved shop, amid the coronavirus disease (COVID-19), in Warsaw, Poland, September 4, 2020. Picture taken September 4, 2020. REUTERS/Kacper Pempel/File Photo

Polish fashion group LPP will not return to Russia, its CEO said on Monday and repeated that the company had exited the country, seeking to reassure investors after a Hindenburg Research report questioned the sale of its business there.
In a call on Monday, Marek Piechocki also said the company would consider a share buyback, though shareholders would have the final say.
The company's shares were 24% higher by 1025 GMT, partially recovering from a 36% fall on Friday after Hindenburg Research's report.
LPP again denied the allegations in the report and said it has no operating or trading activities in Russia.

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Fashion

Dolce&Gabbana CEO Ready to Open Capital to New Investors

The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann
The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann
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Dolce&Gabbana CEO Ready to Open Capital to New Investors

The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann
The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann

Dolce&Gabbana is ready to consider opening up its capital to new investors either through a listing or other routes, the Italian fashion house's CEO said.
"We are now ready to consider opening our capital to third parties through a listing or other financial instruments," CEO Alfonso Dolce said in an interview published on Monday in Corriere della Sera's L'Economia weekly supplement.
The financing must "not compromise the ethical value of our company, its respectful growth," said Dolce, brother of Domenico, who founded the group and runs it in partnership with Stefano Gabbana, Reuters reported.
In May, the CEO did not rule out a possible future stock market listing, but said the move was not a priority.
Dolce&Gabbana's revenue for the 2023-2024 fiscal year, which ended in March, was up 17% to 1.871 billion euros ($2.04 billion), said Dolce, adding that he hoped to repeat this growth this year.
The fashion house will open 12 new stores in the US, including at 695 Madison Avenue in New York, the former Hermes location, with more than 2,000 square meters over five floors.
"The United States are vital, we already have 72 stores, plus four in Canada, together they represent 28% of our turnover, compared to 16% in China," said Dolce.