1 Mar 2022 07:00
Response to enhanced sanctions
Softline is a Cyprus company operating in 60 countries around the world, one of which is Russia. Softline respects the laws and regulations in each country in which it operates. We also have an unwavering commitment to vendor operating rules and practices. As a result of the increased sanctions put in place to date around the world, Softline is actively interpreting the potential impact on Russian operations. The current sanctions list represents less than 10% of turnover in Russia. We expect no impact on operations in the international business outside of Russia. We do not have any material operations in Ukraine. We continue to have a very strong balance sheet, and there is no impact to the proceeds from our IPO.
It is not possible to predict the progress or potential outcome of the situation in Ukraine, and developments in the region are beyond our control. Enhanced sanctions could have further effects on our Russian subsidiary and our business outlook. The Board is actively involved and fully up to date on developments. The Group will make a further announcement as and when appropriate.