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Reebok's Russian division transferred to Turkish holding FLO Retailing

The deal was concluded at a discount, CEO of Damat-Tween in Russia Emil Orujlu noted

MOSCOW, May 16. /TASS/. The Russian division of Reebok has been transferred to the Turkish holding FLO Retailing. The transaction has already been completed, with the company receiving more than 100 retail outlets, Kommersant reported, citing a source close to FLO Retailing.

FLO Retailing reportedly gained control of Reebok retail outlets after signing an agreement with the chain to launch Reebok-branded product manufacturing in Turkish factories for a number of countries. The new owner, according to the source, aims to rename the outlets while keeping the Reebok brand.

General Director of Infoline-Analytics Mikhail Burmistrov told the newspaper that the price of 100 brand stores is around 1.5 bln rubles ($23.26 mln), but the deal amount was three times less. The expert does not rule out that the deal to sell Reebok's Russian business was based on deferred payments.

According to CEO of Damat-Tween in Russia Emil Orujlu, the deal between Reebok and FLO was concluded at a discount. According to him, the previous owner of the brand, Adidas, considered its projects in Russia unsuccessful for a long time.

FLO Retailing operates in 21 countries and manages shoe chains Flo, Sport in Street, and the major German brand Reno. The company owns U.S. Polo Assn., Kinetix, Polaris, Nine West, and Lumberjack.

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