Polish clothing retailer LPP to sell Russian business

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Men and women stroll outside a Polish fashion retailer LPP brand Reserved shop in Warsaw, Poland, September 4, 2020. REUTERS/Kacper Pempel/File Photograph

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GDANSK, April 28 (Reuters) – Polish garments retailer LPP is talking to probable consumers for its organization in Russia, its next major market place, as it joins other Western companies quitting the country. study far more

The go follows the closure of its Russian shops in March immediately after Russia’s invasion of Ukraine.

LPP claimed it had made the decision to offer its Russian-registered firms since of the “unsure predicament and lack of ability to forecast the class of the armed conflict”, incorporating that it was in talks with probable potential buyers and was considering features.

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LPP reported it was keeping in Ukraine, exactly where it resumed operations in new weeks immediately after halting them thanks to the war and was now functioning a third of its stores in a confined potential, largely in west of the place.

LPP’s plans to provide its Russian organization were very first noted by Russia’s TASS information agency.

The company, which owns 533 merchants in Russia, stated in mid-April it was seeking to strengthen its existence in the European Union. study a lot more

Russian product sales accounted for 19.2% of its team income for 2021/22, while Ukraine accounted for 7.1%

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Reporting by Anna Pruchnicka and Karol Badohal Extra reporting by Adrianna Ebert Editing by David Goodman and Edmund Blair

Our Requirements: The Thomson Reuters Trust Principles.

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