Global Fashion Group sells Moscow-based Lamoda business for 95 million euros

Global Fashion Group, a fashion retailer focused primarily on emerging markets, has completed the sale of its Moscow-based business, Lamoda, for at least 95 million euros ($100 million), it said late on Monday.

The deal makes GFG the latest foreign company to sell assets in Russia, while dozens of Western firms have left the market over Moscow's actions in Ukraine.

"GFG received proceeds of 95 million euros, in addition to funds held by the Lamoda business as of September 30," GFG said in a statement.

GFG has sold Lamoda, an online retailer launched in 2011 that also operates in Belarus and Kazakhstan, to Yakov Panchenko, owner of Stockmann AG, which operates 11 department stores in Russia under the Stockmann brand.

"The company will continue its development without significant strategic or operational changes to the business," Yakov said in a joint statement with Lamoda. "We have no plans to merge the company with my other assets."

Yakov added that the management team would remain unchanged.

This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine