Hugo Boss exits Russia over Ukraine invasion, 6 August 2024

Hugo Boss has completed the sale of its Russian business, the German luxury fashion brand has announced, the latest Western company to exit Russia over its unprovoked war in Ukraine. The buyer is wholesale company Stockmann, which acquired Boss's Russian operation for an undisclosed amount. Stockmann operates in Russia separately from its former Finnish owner. Moscow requires that Western firms sell Russian assets at a mandatory discount of 50 percent. Hugo Boss closed its stores in Russia, suspended online sales on the Russian market, and stopped advertising in the country shortly after the start of the Kremlin's unprovoked invasion in February 2022.