Polish clothing retailer LPP to sell Russian business
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GDANSK, April 28 (Reuters) – Polish clothing retailer LPP is conversing to opportunity consumers for its company in Russia, its next most significant current market, as it joins other Western companies quitting the nation. go through a lot more
The shift follows the closure of its Russian merchants in March following Russia’s invasion of Ukraine.
LPP stated it had resolved to provide its Russian-registered companies due to the fact of the “unsure condition and lack of ability to forecast the system of the armed conflict”, incorporating that it was in talks with possible prospective buyers and was taking into consideration gives.
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LPP said it was being in Ukraine, where it resumed operations in latest weeks following halting them due to the war and was now jogging a third of its shops in a restricted capability, primarily in west of the place.
LPP’s designs to provide its Russian small business ended up initially reported by Russia’s TASS information company.
The corporation, which owns 533 shops in Russia, mentioned in mid-April it was wanting to bolster its existence in the European Union. read more
Russian revenue accounted for 19.2% of its group revenue for 2021/22, while Ukraine accounted for 7.1%
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Reporting by Anna Pruchnicka and Karol Badohal Further reporting by Adrianna Ebert Modifying by David Goodman and Edmund Blair
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