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.

Stockmann completed the acquisition of Russian business from Hugo Boss AG (XTRA:BOSS) on August 2, 2024. On completion, Stockmann JSC now owns 100% of Hugo Boss Russia with a nominal value of RUB 40 million. Hugo Boss had come under pressure from organizations such as B4Ukraine for continuing to supply some goods to Russia. B4Ukraine is a coalition of civil society groups seeking to compel Western companies to sever ties with Russia. In this context, Hugo Boss is and has been complying with existing EU sanctions.