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Pro-Ukraine activists display placards reading: "Hugo Boss: Scandalous, funding Russia is our new style" during a demonstration in front of a Hugo Boss outlet in Berlin on July 1, 2023, to protest against the company's continued business in Russia. (Photo by John Macdougall/AFP via Getty Images) 
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The German fashion chain Hugo Boss has agreed to sell its Russian subsidiary to the retail group Stockmann, the company announced on April 24.

Along with many other Western companies, Hugo Boss suspended its retail operations in Russia after the beginning of the full-scale invasion of Ukraine in February 2022. Companies that have remained in Russia have faced pressure to cease their business there.

Much of Hugo Boss' businesses in Russia, including e-commerce and advertising, have remained shuttered since.

Russia's Deputy Trade Minister Viktor Yevtukhov told Interfax Russia that he approved the sale on the condition that all the jobs remained in place.

"As a result of the agreement, Hugo Boss will no longer be present in Russia with its own legal entity," the company said in a statement cited by Reuters.

Hugo Boss did not clarify the terms of the deal, but it likely took a financial loss due to Russian government rules on the sale of assets by foreign companies.

The company said it had not violated any Western sanctions as it continued parts of its wholesale business in Russia until now.

Reuters: Losses of foreign firms who exited Russia surpass $107 billion
The exit measures implemented by the Russian government, combined with writedowns, lost revenue, and other factors, account for the staggering figure, Reuters found.
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