One of the largest chains of clothing retailers/Caravan
The owner of one of the largest chains of clothing retailers in Europe – Reserved, Sinsay, Cropp and Mohito – simulated an exit from the Russian market. Although at the beginning of the full-scale invasion, they announced the closure of stores, but in fact continued to operate in the Russian Federation.
The Polish company LPP, which owns Reserved, Sinsay, Cropp and Mohito stores, simulated an exit from the Russian market. This was noted in the report of the American research company Hindenburg Research.
Russia was the largest international market for LPP, accounting for around 19.2% of revenue from 553 stores until February 2022. Since the beginning of the full-scale invasion of Russia on the territory of Ukraine, the company announced its exit from the Russian market.
However, after Hindenburg Research published a report on the acquisition of the company in the 2022-2023 financial years, it turned out that the retailer LPP increased its revenue by 40.5%.
We believe that LPP was able to post such excellent results because its rejection of the Russian business was a fraud, the article states.
The company itself, which deals with large chains of clothing stores, calls this report an information attack. According to them, such activity may be an attempt to gain influence over the company.
It is interesting that after the publication of the Hindenburg Research report LPP shares fell by 35%.
One of the largest chains of clothing retailers/Hindenburg Research
LPP Group is a leader not only among Polish retail companies in Ukraine, but also among other foreign brands in the fast fashion segment. It “holds” 10% of organized retail, Pro-Consulting calculated.
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