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LPP moves its assets to Cyprus and UAE

7th January 2014
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Poland’s largest clothing retailer LPP has sublicensed its major trademarks House, Mohito and Sinsay from its Cyprus-based subsidiary Gothals, to which it transferred these rights in late December 2013. The company did so to “optimize its tax structure,” LPP wrote in a statement.

On January 5, Gothals in turn transferred the trademarks to yet another LPP subsidiary, UAE-based Jaradi Limited.

The value of these brands is estimated at some PLN 510 million.

Back in 2011, LPP made a similar transfer of another two of its brands: Reserved and Cropp, which were then valued at PLN 556 million.

Poland A.M.

From Warsaw Business Journal

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