Lamoda to open sportswear stores in place of Adidas
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Online retailer Lamoda plans to launch its own retail network of sportswear stores this year, while part of the stores will open on the site of closed Adidas outlets, the company’s press service said.
“Lamoda plans to… open a chain of stores under its own brand… In particular, a number of outlets will be located on the site of closed Adidas stores,” – quotes press service of TASS.
The company noted that they expect to open about 300 stores in more than 20 cities of Russia, and the retailer wants to open about 50 points by the end of 2023.
“Over the past year, the structure of the fashion market has completely changed, and we are striving to adjust our business models in a timely manner,” the company believes.
Lamoda was founded by entrepreneurs from Germany in 2011. The online retailer operates in the markets of Russia, Belarus, Ukraine and Kazakhstan. At the same time, the international holding Global Fashion Group (GFG) was founded, the group is registered in Luxembourg. At the end of 2022, entrepreneur Yakov Panchenko, who owns the Russian Stockmann, closed acquisition of Lamoda from GFG.
Adidas stores were closed in March 2022. At the end of 2022, Adidas LLC leased 153 store premises, including the former flagship store in Moscow on Kuznetsky Most (the Henderson flagship store opened there in the spring). Last year, the revenue of the Russian structure amounted to 24.97 billion rubles, having fallen by 55% year-on-year. In the parent company’s financial statements for 2022, the losses from the winding down of the Russian business are estimated at about 250 million euros.
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