AFK Sistema will buy out 47.7% of retailer Melon Fashion Group
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A 47.7% stake in the retailer Melon Fashion Group, which owns the brands Zarina, befree, Love Republic and Sela, will be acquired by the investment company AFK Sistema. The deal will amount to 15.8 billion rubles, Sistema will buy shares from the Swedish Eastnine and East Capital Holding AB and an unnamed group of private investors.
AFK Sistema will finance the deal using its own and borrowed funds. The closing of the transaction is expected before the end of 2022 after receiving all necessary regulatory approvals, as well as the fulfillment of other suspensive conditions stipulated by the parties to the transaction. website investment company.
Melon Fashion Group is referred to in the text as “the leading Russian fashion manufacturer and retailer”, the acquisition of shares in which is in line with Sistema’s investment strategy.
As of the end of 2021, the retailer operated 845 stores in Russia and the CIS. Melon Fashion Group’s revenue last year amounted to 37.5 billion rubles (+49% in annual terms).
About the situation on the fashion market in Russia – in the material “Kommersant” “FLO goes to marketplaces”.
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