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Carlo Pazolini shuts down in America due to devaluation
22.06.2015 7153

Carlo Pazolini shuts down in America due to devaluation

Carlo Pazolini owner Ilya Reznik commented on the closure of the shoe network in America at the beginning of 2015. It consisted of 14 stores and brought the company 7% turnover.

“At the end of that year it became clear that all investment projects should be frozen,” says Ilya Reznik. “In the US, we needed to invest at least two more years to bring the branch to operating profitability.” Last year, when Russian companies almost completely lost access to the international financial market, and the devaluation of the ruble against the dollar was almost 100%, it became impractical to invest in large-scale projects, the businessman explains.

Now in the USA only the Carlo Pazolini online store will continue to operate. Reznik hopes to return to development in America in a few years, possibly in 2018, if the situation in the Russian economy stabilizes in the coming years.

The owner of the Carlo Pazolini group Ilya Reznik commented on the closure of the shoe chain in America in early 2015. It consisted of 14 stores and brought the company 7% ...
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