October 7, 2022

Small Business

Business Nes

Polish clothing retailer LPP to sell Russian business

2 min read

Individuals walk outside a Polish trend retailer LPP brand name Reserved shop in Warsaw, Poland, September 4, 2020. REUTERS/Kacper Pempel/File Image

Sign up now for No cost unrestricted access to Reuters.com

GDANSK, April 28 (Reuters) – Polish clothing retailer LPP is conversing to prospective prospective buyers for its company in Russia, its second major industry, as it joins other Western companies quitting the place. examine additional

The shift follows the closure of its Russian outlets in March just after Russia’s invasion of Ukraine.

LPP said it experienced made the decision to sell its Russian-registered businesses for the reason that of the “uncertain situation and lack of ability to forecast the class of the armed conflict”, introducing that it was in talks with possible purchasers and was considering features.

Sign-up now for Cost-free endless obtain to Reuters.com

LPP stated it was being in Ukraine, in which it resumed functions in recent weeks following halting them because of to the war and was now managing a 3rd of its retailers in a restricted capability, largely in west of the state.

LPP’s strategies to offer its Russian enterprise were to start with reported by Russia’s TASS information company.

The business, which owns 533 suppliers in Russia, stated in mid-April it was hunting to bolster its presence in the European Union. go through more

Russian gross sales accounted for 19.2% of its group income for 2021/22, whilst Ukraine accounted for 7.1%

Sign up now for No cost unrestricted obtain to Reuters.com

Reporting by Anna Pruchnicka and Karol Badohal More reporting by Adrianna Ebert Enhancing by David Goodman and Edmund Blair

Our Criteria: The Thomson Reuters Belief Rules.