The owner of Stockmann closed the deal to buy the online retailer Lamoda
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Entrepreneur Yakov Panchenko, who owns Russia’s Stockmann, has closed a deal to acquire online retailer Lamoda in Russia, Belarus and Kazakhstan from the international holding Global Fashion Group (GFG). This was reported in the press service of the Russian Lamoda and on site GFG.
It is clarified that the transaction amount was about 95 million euros “in addition to the value of cash held in the Lamoda business as of September 30, 2022.”
Panchenko noted that he has no plans to merge Lamoda with his other assets. “The company will continue its development without significant strategic and operational changes in activities. <...> Also, I have no plans to change the team – it will have all the opportunities for development in the company after the deal. The CEO of the company will remain Jerry Kalmis. The management team will not change either,” he said.
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 GFG was founded, the group is registered in Luxembourg. The holding, in addition to Lamoda, also includes other online platforms operating in Latin America, Southeast Asia, Australia and New Zealand. The company suspended investments in Lamoda after the start of a special military operation in Ukraine.
On October 7, it became known that GFG intends sell Lamoda Panchenko. Then the CEO of Infoline-Analytics, Mikhail Burmistrov, noted that Lamoda’s turnover in Russia in the first half of 2022 almost doubled in annual terms – by 44.2% to 47.3 billion rubles. In this regard, the fair value of the online retailer’s business should be at least 500 million euros, he estimated.
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