CR 17/2022 Statement of the Management Board of LPP regarding further operations in Russia

Statement of the Management Board of LPP regarding further operations in Russia

Current report no: 17/2022

Date: 28.04.2022

Time: 01:44 pm

Since the first days of the war taking place outside our eastern border, we at LPP have supported and respected all international economic sanctions imposed on Russia in connection with its aggression against Ukraine. This was confirmed by the decision of the company’s management board on 4 March this year to suspend operations and stop the supply of goods to the Russian market and the ongoing and planned development projects in that country.

Currently, all brick-and-mortar and online shops of LPP brands operating in Russia remain closed. However, taking into consideration the continuously uncertain situation and the fact that it is impossible to predict the fate of the armed conflict in Ukraine, we have made a decision to sell the RE TRADING OOO and LLC Re Development companies belonging to the LPP Group and registered in Russia.

We will announce further decisions and the results of the ongoing review of offers and talks with potential buyers in subsequent official announcements of the company.