Fashion retailer Hugo Boss is ending its presence in Russia after agreeing a deal to sell its business in the country to wholesale partner Stockmann – two years on from suspending operations there.

“As a result of the agreement, Hugo Boss will no longer be present in Russia with its own legal entity,” the company said in a statement.

Along with many other retailers, Hugo Boss paused its business in Russia soon after the country’s invasion of Ukraine in 2022.

News agency Interfax reported Russia’s government commission on foreign asset sales approved the deal, citing deputy minister of industry and trade Viktor Yevtukhov, with one of the conditions being that all jobs are preserved.

Hugo Boss did not reveal financial terms of the deal, but Russia demands foreign companies sell assets at discounts of at least 50%.