ECCO wants to buy back the business of its Russian distributor
The Danish shoe manufacturer ECCO Sko A / S applied to the Federal Antimonopoly Service (FAS) to acquire 100% of EKKO-Ros LLC and the rights to determine the conditions of EKKO-Petersburg LLC, Kommersant writes with reference to message from the Ministry of November 18.
ECCO-Ros is the exclusive distributor of ECCO shoes in Russia. According to the Unified State Register of Legal Entities, the company on an equal footing belongs to Andrei Sevagin and CEO Ivan Shtopel, who also own EKKO-Petersburg.
According to the company's own data, the EKKO-Ros retail network comprises almost 230 stores, which are open in Russia, Kazakhstan, Belarus, Kyrgyzstan, Uzbekistan, Armenia and Azerbaijan. According to SPARK-Interfax, in 2018, EKKO-Ros's revenue increased by 5,24%, to 12,5 billion rubles, net profit fell by 71,46%, to 153,33 million rubles.
The parent company ECCO in 2018 operated 2,25 thousand stores in 99 countries. The company's revenue in 2018 amounted to € 1,3 billion (91,68 billion rubles at the exchange rate of the Central Bank on Tuesday), profit - € 135,88 million (9,58 billion rubles).
ECCO Sko A / S and ECCO-Ros do not comment on information about a possible deal. Market analysts see a possible reason for the parent company’s desire to buy back the business of its Russian distributor in that ECKO-Ros has experienced sales difficulties since 2017.
So the head of "Infoline-Analytics" Mikhail Burmistrov points out that in 2017, "EKKO-Ros" received 13,03 billion rubles. revenue, a year later the figure decreased by 8,8%, to 11,87 billion rubles. According to him, the value of the EKKO-Ros business is about 5 billion rubles.
The Danish footwear manufacturer ECCO Sko A / S applied to the Federal Antimonopoly Service (FAS) with a request to acquire 100% of EKKO-Ros LLC and the rights allowing ...
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