Turkey’s FLO is in talks to buy Rebekah’s shop in Russia

Turkish shoe retailer FLO Magazasilic is in talks to buy more than 100 stores in Russia owned by fitness brand Rebekah, FLO chairman Mehmet Jianlan said Monday, as Western companies rush to comply with sanctions for the Ukraine conflict.

Jillan said a deal had not been finalized, denying a report in the Russian daily Kommersant that the company had already taken over the business.

“We’re talking, but nothing more certain than that,” Jillan told Reuters.

The deal has been finalized and more than 100 Russian Reebok outlets have been taken over by Turkish companies, citing a source close to FLO Retailing.

Reebok’s owner, Authentic Brands Group, was not immediately available for comment in the United States due to the first hour.

In March, the US company suspended all branded stores and e-commerce activities in Russia.

Kommersant quoted analysts as saying that the deal, which would give FLO its first store in the country, could be worth 1.5 billion rubles ($ 24.8 million).

Jilan said the FLO currently sells wholesale in Russia, but does not have its own store there.

The deal raises concerns that Russian companies and countries not involved in Western sanctions are seizing valuable assets as Western agencies rush to comply with sanctions on the Ukraine conflict, as well as the Kremlin’s threat that foreign-owned assets could be. Swallowed.

Last month, Anheuser-Busch InBev said it was planning to exit Russia by selling its interest in a joint venture with Turkish brewer Anadolu Efes, which operates in Russia and Ukraine, and expects to charge $ 1.1 billion.

Asked about investing in Russia after many international brands left the country after Russia’s aggression in Ukraine, Zilan said the company would follow the Turkish government’s policy in this regard.

“There are no sanctions in our country. We will continue as long as our country does not stop us,” he said.

NATO members Turkey, Russia and Ukraine, neighbors of a Black Sea, have good relations with warring nations and have opposed Western sanctions on Moscow.

Jianlan declined to say the size of a possible deal.