The international holding Global Fashion Group (GFG) will sell the business of the online retailer Lamoda in Russia, Kazakhstan, and Belarus to the owner of the Russian Stockmann, Yakov Panchenko. This was stated on October 7 in a statement by the group.
The deal is expected to close in the coming months. Its cost is not disclosed. But GFG notes that it expects revenue of around 100 million euros in addition to the value of cash held in the Lamoda business as of September 30, 2022.
Lamoda was founded by German entrepreneurs Niels Tonsen, Dominik Picker, Florian Jansen, and Burkhard Binder in 2011. The retailer operates in the markets of Russia, Belarus, Ukraine, and Kazakhstan. According to SPARK-Interfax, the revenue of the Russian Kupishuz LLC in 2021 amounted to 48.5 billion rubles, the loss was 631 million rubles. Earlier it was reported that after the start of a special operation in Ukraine, Global Fashion Group suspended investments in Lamoda.
The Global Fashion Group, in addition to Lamoda, includes the Dafiti online platform operating in Latin America, Zalora in Southeast Asia, and The Iconic in Australia, and New Zealand.
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