The Russian unit of sportswear giant Reebok was sold to Turkey-based shoe chain FLO. The information shared by a Russian newspaper came 3 days after the announcement of the ‘production’ agreement between FLO and Reebok.
Russia, the target of the whole world after the invasion of Ukraine, due to the sanctions. to foreign origin manufacturers and giant companies He was starting to say goodbye. One of them was the French automotive giant Renault. Renault stopped production at its factory in Russia after the sanctions and stated that options were being examined to continue production.
In the announcement shared today, it was announced that all of Renault’s assets in Russia were transferred to the Moscow management, while a similar news From sportswear giant Reebok came. According to the news shared by Russia-based Kommersant newspaper, Turkey-based FLO Mağazacılık took over the Russia division of Reebok.
Reebok Russia transferred to FLO
According to the news based on close sources from FLO Mağazacılık, FLO took control of more than 100 Reebok stores in Russia with the completion of the agreement. While there are no details about the value of the agreement, analysts speaking to the Russian newspaper said that the agreement 1.5 billion rubles (about $24.8 million) He said it might be worth it.
The cooperation agreement between Reebok and FLO was shared in the past days.
In the news shared by Yeni Şafak on May 12, an agreement between Reebok and FLO was mentioned, but no information was given that it would be completely transferred. According to that agreement, Reebok and FLO Produced by FLO, Distributing and selling to 12 countries had agreed on.
Burak Övünç, CEO of FLO Retailing, announced in his statement that Reebok had acquired the license rights in Turkey and 12 other countries. Boast, on similar collaborations He also stressed that there are talks.
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So why are deals made?
With these agreements, foreign companies can get the chance to continue their activities in Russia. It is possible to continue to provide services through countries that do not impose sanctions on Russia. For example, with the latest agreement, Reebok is part of FLO Mağazacılık instead of withdrawing completely from Russia. able to maintain its presence in Russia.