Sales of Inventive Retail Group grew by 10% at the end of 2023 and amounted to 78 billion rubles
The Russian operator of retail chains and online stores Inventive Retail Group (IRG) reported for 2023. It follows from them that the company continued to successfully adapt its business to the changing conditions in the Russian retail market, which allowed it to show good financial results, even despite market fluctuations and difficulties in organizing the logistics of goods that are part of the group’s range of brands.
The group is developing an omnichannel business strategy. The group's retail stores are points of sale in four market segments: electronics, sports, children's goods and fashion.
Networks of branded stores of the group: restore, Samsung, Xiaomi, Street Beat, Hiker, Amazing Red, World of Cubes, UNOde50. The departure from the Russian market of a number of large brands that were in the group’s portfolio (for example, Nike) did not hinder its growth and development.
Key financial results for 2023:
- Group sales at the end of last year amounted to 78 billion rubles including VAT.
- LfL Sales increased by 12% compared to 2022.
- Number of stores the group has grown to 467. In 2023, the group opened 104 Amazing Red stores, nine restore stores, three UNOde50 stores and two new Street Beat stores.
- Total area of stores group amounted to 82,6 thousand square meters. meters.
The company is actively developing not only offline stores, but also online, including cooperation with marketplaces. In 2023, the share of online sales in individual brands of the group reached 27%. The share of sales through the mobile application is growing steadily and amounts to 21% of all online sales.
Tikhon Smykov, President and Managing Partner Inventive Retail Group:
“2023 was a transformational year for us. We changed store formats and expanded the range. We entered into contracts with new suppliers and developed our own brands. All this is so that our customers maintain their lifestyle and can purchase in our stores the goods they are accustomed to. In addition, we continue to build a loyal community around our brands, creating interesting content that is in demand by consumers.”
And more about the fashion direction of IRG:
• Street Beat stores, one of the leaders in the retail of sportswear and footwear, are opening in an updated, expanded format, using in their design elements of the regional identity of the cities where they operate.
• In 2023, the group focused on producing products under its own brands for sale in its networks. Models of sneakers STREETBEAT Solid, STREETBEAT Cheek, and shoes under the Hiker brand were introduced to the market. Over 10 years of development, the group’s sports division has grown from one chain to three, and today includes multi-format stores Street Beat|Kids, Hiker and Amazing Red.
The company's strategy for the coming year plans to further develop products under its own brands, as well as expand sports networks into the regions of the country. It is planned to open at least 30 Street Beat stores and at least 5 Hiker stores in Russia.
The Russian operator of retail chains and online stores Inventive Retail Group (IRG) reported for 2023. It follows from them that the company continued to successfully adapt its business to the changed...
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