Unilever has confirmed the sale of its Russian subsidiary to local consumer goods company Arnest Group, marking an official end to the FMCG’s presence in Russia and Belarus. While no details of the transaction were disclosed, reports suggest the sale was made for around €520 million (US$568 million). Hein Schumacher, CEO of Unilever, states: “Unilever has today completed the sale of its Russian subsidiary to Arnest Group, a Russian manufacturer of perfume, cosmetics and household products.”
