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Russia Approves Deal for Hugo Boss to Sell Russian Business

A man walks his dog in a meadow, set in spring colors, outside Moscow, Russia, 23 April 2023. EPA/MAXIM SHIPENKOV
A man walks his dog in a meadow, set in spring colors, outside Moscow, Russia, 23 April 2023. EPA/MAXIM SHIPENKOV
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Russia Approves Deal for Hugo Boss to Sell Russian Business

A man walks his dog in a meadow, set in spring colors, outside Moscow, Russia, 23 April 2023. EPA/MAXIM SHIPENKOV
A man walks his dog in a meadow, set in spring colors, outside Moscow, Russia, 23 April 2023. EPA/MAXIM SHIPENKOV

Russia's government commission on foreign asset sales has approved a deal for German fashion house Hugo Boss to sell its Russian business to retailer Stockmann, Interfax reported on Wednesday, citing a government official.
Hugo Boss did not immediately respond to a request for comment.
Hugo Boss, along with many retailers, temporarily suspended its retail business operations in Russia soon after Moscow dispatched its army to Ukraine in February 2022. It also said it had paused its e-commerce activities in the Russian market and stopped advertising.
Interfax cited Deputy Minister of Industry and Trade Viktor Yevtukhov as saying that the government commission had approved the sale, with one of the conditions being all jobs are preserved.
The deal is expected to close in the third quarter of this year, Interfax reported.

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Italy's Prada Considering Buying Versace from Capri Holdings

A model wears a creation as part of the Versace Spring Summer 2025 collection, that was presented in Milan, Italy, Friday, Sept. 20, 2024. (AP)
A model wears a creation as part of the Versace Spring Summer 2025 collection, that was presented in Milan, Italy, Friday, Sept. 20, 2024. (AP)
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Italy's Prada Considering Buying Versace from Capri Holdings

A model wears a creation as part of the Versace Spring Summer 2025 collection, that was presented in Milan, Italy, Friday, Sept. 20, 2024. (AP)
A model wears a creation as part of the Versace Spring Summer 2025 collection, that was presented in Milan, Italy, Friday, Sept. 20, 2024. (AP)

Italy's Prada is considering buying fashion group Versace from US Capri Holdings, daily Il Sole 24 ore reported on Friday.
Citi is acting as adviser to Prada, the report said, adding Capri Holdings had mandated Barclay's to find potential buyers.
The Italian financial daily added that other fashion groups, as well as private equity funds, would also be interested in Versace, but that a value for the Italian maison was still being discussed. It said Prada did not comment on the report.
Last month, trade journal Women's Wear Daily had reported that the US luxury conglomerate, which also owns Michael Kors and other fashion groups, was working to find buyers for some of its brands, including Versace and luxury shoemaker Jimmy Choo, in order to focus on a turnaround plan for Kors.
In November, Capri posted a bigger-than-expected drop in quarterly revenue, hurt by execution missteps across brands and a global slowdown in luxury goods demand.