German Douglas Holding Sold Its Russian Network To Rive Gauche

German company Douglas Holding AG retailer of perfumes, cosmetics, books and jewelry, sold its business in Russia - perfume Network LLC Douglas Rivoli to the cosmetic network Rive Gauche developed by PS Group, the company Douglas Rivoli reported. 


The transaction (amount was not disclosed) was completed by 30 December 2010. 


The German company as a whole appreciated the activities in the Russian market, but noted that achieving market leadership in Russia requires a significant investment.  The company also noted the high level of rent for premises in Russia. 


Estimating these factors, the company decided to sell 32 stores Douglas Rivoli, with annual sales of EUR 55 million to the network Rive Gauche. 


The company notes that the network will operate under the former name for the next three years in accordance with license agreements.