  We present the results of a spectral variability study of two very luminous
stars in the M33 galaxy -- LBV V532 and late WN star (possibly, dormant LBV)
FSZ35. We studied spectral variability of V532, derived its atmosphere
parameters and showed that the bolometric luminosity varies between the two
states by a factor of $\sim$1.5. Using the non-LTE radiative transfer code
CMFGEN, we determined wind parameters for both objects. Since both stars are
located at distances of about 100 pc from the nearest association, we supposed
that they may be massive runaway stars with velocities of the order 100 km/s.
