Sofline wants to buy Forward Leasing
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Softline is interested in acquiring Forward Leasing, a company that sells gadgets through a lease-based subscription. The gradual buyout of electronics in Russia is gaining popularity against the backdrop of a declining market as a whole, market participants note. It is beneficial for an integrator to have a ready-made solution for the development of such projects in the corporate sector, experts say. In the future, they admit, this will allow Softline to promote its own operating system.
Softline system integrator is negotiating the purchase of Forward Leasing (Forward Leasing LLC), which provides a “subscription” service for smartphones and other user devices, including laptops, in the leasing format – a buyout with a low monthly payment and the ability to exchange a device for a new one. until the entire amount is paid. This was told to Kommersant by two interlocutors in the telecom market. Softline and Forward Leasing did not answer “Kommersant”.
“Subscription” programs for gadgets based on device leasing in the Russian market are implemented by retailers together with banks. In addition to Forward Leasing, MegaFon launched such a program in 2021, now it operates in all regions of the country, in the same year, MTS organized a smartphone rental service (see Kommersant dated October 21, 2021).
Forward Leasing has been operating in this segment since 2018, implementing programs jointly with HKF-Bank, which now owns 100% of Forward Leasing LLC through the Always Yes installment service (Vsegda Yes LLC), follows from SPARK-Interfax data. “. HKF-Bank did not respond to Kommersant’s request. The company’s revenue for 2021 amounted to 2.8 billion rubles, net profit – 36.6 million rubles, for 2022 the revenue amounted to 670 million rubles, and the loss – 477.8 million rubles. According to the official website of Forward Leasing, through its service, you can purchase, for example, smartphones from Samsung, Apple, Huawei and others.
The Softline integrator, after splitting with an international structure in April of this year, operates in Russia as the Softline Group of Companies, which has transferred 100% to closed-end mutual funds under the control of Tethys Capital Management Company (see Kommersant dated April 6). According to the financial statements of Softline Group of Companies published on April 12, in 2022 the company’s turnover exceeded 70.6 billion rubles, net profit reached 6.5 billion rubles.
Kommersant’s interlocutor in the electronics market knows about Softline’s plans to purchase Forward Leasing. In his opinion, the interest is justified: “The integrator decided that it is better to buy a ready-made solution with a built-in system, and not create it from scratch.” Gadget rental and leasing services have become popular, including against the backdrop of a decline in the smartphone market as a whole. In 2022, their sales in the Russian Federation, according to Telecom Daily, fell by 35%, to 529 billion rubles. At the beginning of 2023, the trend continued: retailers reported a decrease in pieces by 13%, and in money – by 43% (see Kommersant on March 9).
As a result, more and more retailers are testing new sales formats: last spring, Svyaznoy, together with Arenter, launched a service for renting equipment, including office and gaming laptops, smartphones, TVs, etc. Experts expected that this business would grow due to a decrease in the purchasing power of the population . The combined retail network of MegaFon and Yota noted that the subscription to smartphones is growing year by year by 15-20%.
However, “a company like Softline will not acquire a gadget leasing business in the absence of synergy with other business areas,” says Leonid Delitsyn, an analyst at FG Finam: “The mechanics may be effective in the corporate sector, for example, an integrator will be able to rent out laptops by subscription. “. In the future, Mr. Delitsyn admits, Softline may start selling laptops on its own operating system (see “Kommersant” dated May 18), as well as adapt it for smartphones: “In this case, the cost of electronics will increase, and leasing can become an alternative sales mechanism. “.
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