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 are not disclosed. Also, asset buyers are not named.

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

The owner of clothing stores Reserved and Cropp sells Russian business to the Chinese

On May 20, 2022, TASS announced that LPP stores were preparing to open after a temporary outage. There will gradually change the previous 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 News correspondent, Reserved and Cropp on May 20, 2022 have already opened in the Moscow Aviapark shopping center.

First of all, stores will open in shopping centers with which acceptable rental conditions were achieved during the temporary suspension of brands. It is not reported which names the stores will receive after the close of the deal with the Chinese consortium.

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

According to information on the website of the LPP manufacturer, 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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