Stockmann agreed to acquire Russian business from Hugo Boss AG (XTRA:BOSS) on April 24, 2024. Russia's government subcommission for foreign investment has approved the sale of German fashion company Hugo Boss's Russian business to JSC Stockmann. The deal is expected to be closed in the third quarter of 2024 after the completion of all necessary legal and administrative procedures.

The retailer's stores in Russia will reopen once the deal is completed.