American fashion brand grows in Russia
(MENAFN) Kommersant announced on Thursday, that the American fashion brand Guess has gained its share from a Russian partner in what specialists have depicted as an unfamiliar agreement for the fashion industry in the restricted nation.
The clothing manufacturer and retailer allegedly reacquired its 30 percent stake from domestic partner Vyacheslav Shikulov for €8 million (USD8.5 million), and has unified 100 percent of its Russian business after the agreement was permitted by the United States Treasury Department.
Near the end of 2015, both companies inked a ‘put option’ contract which gave Shikulov the right to sell his 30 percent share in domestic business and compelled the American firm to purchase his stake by December 31 2025.
Shikulov practiced the choice in November 2022, and the fashion company, Guess, applied for authorization to perform a buyback to the Office of Foreign Assets Control of the United States Department of the Treasury (OFAC).
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