MOSCOW (Reuters) - Global Fashion Group (GFG), a fashion retailer focused primarily on emerging markets, has completed the sale of its Moscow-based business, Lamoda, for at least 95 million euros ($100 million), it said late on Monday.
The deal makes GFG the latest foreign company to sell assets in Russia. Scores of Western firms have left the market over Moscow's actions in Ukraine.
"GFG received proceeds of 95 million euros (net of transaction costs) in addition to the cash held in the Lamoda business as at 30 September," GFG said in a statement.
GFG has sold Lamoda, an online retailer launched in 2011 that also operates in Belarus and Kazakhstan, to Yakov Panchenko, who owns Stockmann AG, which operates 11 department stores in Russia under the Stockmann brand.
"The company will continue its development without significant strategic and operational changes to the business," Yakov said in a joint statement with Lamoda. "We have no plans to merge the company with my other assets."
Yakov added that the management team would remain unchanged.
($1 = 0.9489 euros)