MOSCOW, Oct 7 (PRIME) -- Singapore’s Global Fashion Group (GFG) has agreed to sell the Lamoda business in Russia, Belarus, and Kazakhstan to Yakov Panchenko, the owner of Stockmann in Russia, GFG said in a statement on Friday.
The agreement is contingent upon some conditions, including approval of regulators. The companies plan to close the sale in a few coming months.
GPG expects to raise around 100 million euros in addition to the funds Lamoda had as of September 30, the company said.
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