RBC learned about plans to create a joint venture for the development of Zarina, Befree and Sela
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On August 7, the Swedish company Eastnine AB announced that agreed on the sale of its 36% stake in the Russian retailer Melon Fashion Group (MFG), which manages these brands, to Anatoly Paliy’s Gem Invest. Already on August 10 FAS agreed a deal with the structures of the ex-general director of MegaFon Ivan Tavrin, founder of Kismet Capital Group, for the purchase of up to 75% of the shares of MFG Invest, as well as the right to control the activities of Melon Fashion Group and Taxi.Style.
According to RBC, Eastnine was the largest owner of MFG, another 34% belonged to the structures of the head of the board of directors of the group David Kellerman, 11% belonged to the Swedish MFG Intressenter AB, and 7% belonged to MFG CEO Mikhail Urzhumtsev.
According to the publication, Gem Invest plans to consolidate 89.9% of JSC MFG by buying large blocks of shares from foreign shareholders, as well as partially from minority shareholders. At the second stage, Gem Invest and Kismet Capital Group will create a joint venture in which shares and investments will be distributed 50/50.
The value of the deal, which will include all MFG brands, has not been disclosed, but it is known that foreign owners will not have a buyback option.
In October 2022, Eastnine signed with AFK Sistema a binding agreement to acquire from the Swedish companies Eastnine and East Capital Holding, as well as a group of private investors, a 47.7% stake in Melon Fashion Group. The deal amounted to 15.8 billion rubles. Then it was expected that it would be closed until the end of 2022. Later, the parties terminated agreement.
At the end of 2021, Melon Fashion Group operated 845 stores in 181 cities in Russia and the CIS (in Kazakhstan, Armenia and Belarus). Last year’s revenue amounted to 37.3 billion rubles. (against 25 billion rubles in 2020), net profit – 3.2 billion rubles.
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