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Turkish shoe retailer FLO Magazacilik is in discussions to acquire stores owned by fitness footwear and clothing manufacturer Reebok, Reuters reported citing FLO chairman Mehmet Ziylan.

Ziylan confirmed to Reuters that a deal is yet to be finalised, but refuted local newspaper Kommersant’s report that the company had already taken over the Reebok stores.

Kommersant recently quoted a source as saying the two parties had finalised a deal and that more than 100 Reebok stores in Russia had been integrated into FLO Retailing.

Experts have said the deal could be valued at approximately RUR1.5bn ($24.8m).

Despite this, Ziylan told Reuters: “We are talking, but there is nothing more definite.”

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The deal, if materialised, would mark FLO’s expansion into retail stores in Russia. The company currently operates only in the country’s wholesale market.

Earlier this year, Authentic Brands Group (ABG) acquired Reebok from Germany-based sports apparel brand adidas for a total consideration of up to €2.1bn ($2.3bn).

Local media reported that Reebok is still controlled by adidas in Russia despite ABG’s acquisition.

ABG was not available to comment on the development.

The confirmation of acquisition talks comes as several international brands have suspended or sold their assets in Russia in response to the country’s invasion of Ukraine.

These include fashion retailers H&M, ASOS and Boohoo, as well as French sporting goods retailer Decathlon.

Ziylan added: “Our country does not have an embargo (in Russia). We will continue as long as our country does not tell us to stop.”

Ziylan did not provide the financial terms of any proposed deal.

In March, French multinational retailer Auchan decided to continue operating in Russia, a move that was criticised by Ukrainian President Volodymyr Zelenskyy.

Reuters reported that the retailer feared losing assets or exposing local managers to potential legal troubles if it were to suspend its Russian operations.