French cosmetics company L’Occitane sold its business in Russia with a return option. writes about it red blood cell.
According to the publication, the deal took place in June 2022. As of June 3, 2022, the cost of L’Occitane Russia was €44.5 million, or 2.9 billion rubles at the Central Bank exchange rate at the time.
Shares of the company were transferred to key Russian employees: Rostislav Kovalenko 31%, Natalya Milekhina, Olga Sabirova and Alexey Shumov – 23% each.
The agreement between the parties allows the French company to repurchase shares every year for five years, starting on June 3, 2025.
Formerly “Kommersant” WroteFrench cosmetics manufacturer L’Occitane, which changed its store signage in Russia to L’Occitane in the summer of 2022, has registered a new brand, SoBeautiful. According to experts, renaming points of sale could result in the loss of 15% of loyal customers.