According to Reuters, Turkish footwear retailer Flo Magazacilik is reportedly in the midst of negotiations to acquire more than 100 stores that Reebok owns and operates in Russia. The retailer is currently a wholesaler in Russia but does not operate its own stores there in the country. Authentic Brands, owner of Reebok, suspended all branded stores and e-commerce operations in Russia in March after the Russian invasion of Ukraine. A local Russian newspaper cited a sum of around €25 million for the deal. According to Reuters, the deal is likely to raise fears that companies in Russia and countries not affected by Western sanctions are buying up valuable assets as Western companies rush to comply with sanctions related to the war and the Kremlin’s threat to seize foreign-owned companies.

Topics