BRUSSELS, December 13. /TASS/. Global Fashion Group (GFG), a Luxembourg-based company, has successfully completed the sale of Lamoda business in Russia, Kazakhstan and Belarus to Iakov Panchenko, the owner of the Stockmann chain of department stores, the fashion and lifestyle company said on its website.

"Global Fashion Group (GFG) today successfully completed the sale of its CIS business, Lamoda, to retail fashion investor, Iakov Panchenko," the company said. GFG received 95 mln euro of proceeds (net of transaction costs) in addition to funds held in the Lamoda business as of September 30, 2022, it added.