Polish clothing retailer LPP to sell Russian business

Persons stroll exterior a Polish style retailer LPP brand name Reserved store in Warsaw, Poland, September 4, 2020. REUTERS/Kacper Pempel/File Photograph

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GDANSK, April 28 (Reuters) – Polish garments retailer LPP is speaking to potential customers for its small business in Russia, its 2nd most significant market, as it joins other Western companies quitting the region. study a lot more

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

LPP stated it had decided to promote its Russian-registered corporations since of the “unsure problem and incapacity to predict the training course of the armed conflict”, introducing that it was in talks with likely prospective buyers and was contemplating presents.

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LPP stated it was keeping in Ukraine, where it resumed functions in current months just after halting them owing to the war and was now operating a 3rd of its retailers in a limited capacity, mostly in west of the state.

LPP’s strategies to sell its Russian organization ended up first claimed by Russia’s TASS news agency.

The organization, which owns 533 retailers in Russia, explained in mid-April it was hunting to fortify its presence in the European Union. read through additional

Russian product sales accounted for 19.2% of its group revenue for 2021/22, though Ukraine accounted for 7.1%

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

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