Russian flower market Flowwow invests $6 million in business development in the UK. The money will be used to attract partner stores, hire employees and marketing.
The company in the British market intends to cooperate with small local brands in the category of cut flowers and houseplants, confectionery, decoration, cosmetics, jewelry, Vedomosti discovered.
Experts consider that the idea of entering the markets of this country is practically unpromising due to the general situation in the United Kingdom itself, since inflation there has been growing at a high rate for the last 40 years. At the same time, the business model of the market itself, centered on the work of small local vendors, would work more efficiently in the United Arab Emirates, Saudi Arabia, Turkey and Israel.
Flowwow was founded in 2014 by Andrey Makeev, Vyacheslav Bogdan, Artem Gambitsky from Yekaterinburg. In 2021, the revenue of the legal entity amounted to 602.1 million rubles, the net loss was 6.8 million rubles, which, according to a company representative, was due to excessive spending of the advertising budget and the increased payroll due to staff expansion.
The market operates in Russia, the CIS countries and the Baltic states. Previously, Flowwow announced development plans in the Middle East, North Africa, and Brazil.
Author:
karina pardaeva
Source: RB
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