A fashion retail investor, Iakov Panchenko agreed to acquire Lamoda business operations in Russia, Kazakhstan and Belarus from Global Fashion Group S.A. (XTRA:GFG) on October 7, 2022. The agreement is subject to certain conditions and regulatory approval. The transaction is expected to complete in the coming months.

GFG expects proceeds of approximately Ç100 million in addition to the value of the cash held in the Lamoda business as at September 30, 2022.