Melon Fashion Group will be sold to AFK Sistema
The investment company AFK Sistema will buy out 47,7% of the shares of the fashion retailer Melon Fashion Group, the owner of the brands Zarina, befree, Sela, Love Republique. The company is acquiring stakes from Sweden's Eastnine and East Capital Holding AB and an unnamed group of private investors. The transaction amount will be 15,8 billion rubles. It will be closed until the end of 2022.
AFK Sistema will become the largest shareholder of Melon Fashion Group, among other shareholders of the group are Chairman of the Board of Directors David Kellerman (40%), CEO Mikhail Urzhumtsev (6%), and a group of private investors.
“The transaction is fully in line with our investment strategy focused on consolidating high-quality assets as well as capitalizing on opportunities arising from market transformation. Having extensive experience in building leaders in Russian retail, we will be happy to take part in a new stage in the development of Melon Fashion Group and contribute to further growth in the value of its business,” Tagir Sitdekov, President of AFK Sistema, said in a press release on the website of the investment company.
Melon Fashion Group was founded in 2005 and is one of the prominent players in the fashion retail market in Russia. The company carries out a full cycle of work in the field of fashion business from modeling to sales distribution and promotion. Melon Fashion Group sells in 181 cities in Russia and the CIS (Kazakhstan, Armenia and Belarus). At the end of 2021, the company operated 845 stores. The share of online sales is 32%. Melon Fashion Group's revenue in 2021 reached 37,5 billion rubles (+49% yoy), EBITDA increased by 38% yoy and amounted to 8,6 billion rubles, net profit amounted to 3,5 billion rubles. There are no loans or borrowings at the end of 2021, cash and cash equivalents amounted to RUB 5,2 billion.
The investment company AFK Sistema will buy out 47,7% of the shares of the fashion retailer Melon Fashion Group, the owner of the brands Zarina, befree, Sela, Love Republique. The company acquires a stake in the Swedish ...
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