LPP

History

2022: Sale of Russian business

Polish retailer and clothing manufacturer LPP SA, which owns the brands Reserved, Cropp, House, Mohito and Sinsay, on May 19, 2022 announced the sale of Russian business to a group of Chinese investors. The financial terms of the transaction were not disclosed. Also, buyers of assets are not named.

The perimeter of the transaction will include the rights to use trademarks and brands owned by LPP. In this case, the buyer will have the right to sell all goods belonging to the Russian division of LPP.

Owner of Reserved and Cropp clothing stores sells Russian business to Chinese

On May 20, 2022, TASS reported that LPP stores were preparing to open after a temporary downtime. There will gradually change the former signs to signs with new logos. In particular, the Reserved brand will be under the new sign Re, Mohito - M, Sinsay - "Sin." According to a RIA Novosti correspondent, Reserved and Cropp have already opened in the Moscow Aviapark shopping center on May 20, 2022.

First of all, stores will open in shopping centers, with which acceptable lease conditions were achieved during the period of temporary suspension of brand activities. It is not reported what names the stores will receive after the closure of the deal with the Chinese consortium.

In March 2022, LPP closed all its stores in Russia. Later, the company said that it had suspended the supply of its products Russia to and investments in the country, as well as the development of the network and online sales on its territory. LPP linked its decision with the Russian special operation on To Ukraine and the sanctions imposed in response to it. At European Union the end of April 2022, it became known that LPP began negotiations with potential buyers on the sale of its business in Russia.

According to information on the website of the manufacturer LPP, by May 2022 the group operates in almost 40 countries of the world, the chain of stores has more than 2,000 outlets.^[1]

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