Philippe Gens’ electronics retailer DiHouse has bought a further 75% stake in home appliance manufacturer Red. The company now owns 90% of the business. It will invest in working capital, Kommersant writes.
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Experts believe DiHouse decided to shift its focus from selling software to home appliances and electronics in the hope of increasing profit margins.
Red was created two years ago by former employees of the Russian manufacturer Redmond. The products were planned to be produced in China, Russia, Uzbekistan and Belarus.
Redmond later stated that Red Solution had nothing to do with its brand, and also that staff at Redmond’s official equipment distributor, Innovative Solutions LLC, had previously been laid off.
Following the death of Redmond founder and owner Maxim Ageenko in 2016, a protracted conflict began between his wife Svetlana Ageenko and five children from two marriages, as well as business partners, the motive of which was to clarify the fair value of the share left by Maxim Ageenko to the family.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
