The Russian investment company AFK Sistema decided to buy a 47.7% stake in Melon Fashion Group from Sweden’s Eastnine and East Capital Holding AB, as well as a group of private investors for 15.8 billion rubles. The deal is expected to close in late 2022.
In the future, AFK Sistema intends to buy the shares of other shareholders if they are interested in this, RBC was told in the company’s press service.
The purchase of this number of shares will make AFK Sistemau the first shareholder of the Melon Fashion Group. Fashion retail founder and CEO David Kellerman has 40%, Mikhail Urzhumtsev has 6%. The rest is owned by a group of private investors.
Melon Fashion Group was founded in 2005. It owns the Zarina, befree, Love Republic and Sela brands. At the end of 2021, the company operated 845 stores in Russia, Armenia, and Belarus.
Melon Fashion Group’s revenue in 2021 grew by 49% year-on-year to RUB 37.5 billion, while EBITDA grew by 38% to RUB 8.6 billion. Net profit amounted to 3.5 billion rubles.
Author:
karina pardaeva
Source: RB
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