Jewelry company Sokolov plans to issue bonds
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The Sokolov Group plans to issue its first bond issue by the end of the year, its representative told Vedomosti. The board of directors of the company made a decision in principle on this issue, but the placement parameters will be approved later, the source in it specifies. According to the brand’s managing partner Artem Sokolov, they will depend on the company’s needs for funding and the economic situation at a particular moment. Now, according to a representative of Sokolov, the group needs about 5 billion rubles. to expand the retail network from about 400 mono-brand stores to 1,000 outlets. Sokolov adds that the company has already passed an independent audit of its 2021 IFRS financial statements. According to the conclusion of JSC Technologies of Trust – Audit (ex-PwC), the holding’s revenue (excluding VAT, customs and other obligatory deductions) amounted to 22 billion rubles, having increased by 2 times over the year. The amount of EBITDA is 2.3 billion rubles. – due to a five-fold increase in the brand’s retail network: from 69 to 350 branded stores.
Sokolov was founded in 1993 by hereditary jeweler Alexei Sokolov and his wife Elena. Now their son Artem manages the business. The family-owned company combines Europe’s largest jewelry production (20 million items per year weighing more than 40 tons), a refinery, 4,000 wholesale distributors in Russia and abroad.
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