Russian investment conglomerate
Sistema says that it will finance the transaction, which is due to be completed by the end of 2022, using a combination of its own and borrowed funds.
“Melon Fashion Group is growing fast and demonstrating operational excellence. The transaction is entirely in line with our investment strategy, which is focused on consolidating high-quality assets as well as leveraging opportunities arising from the ongoing market transformation,” said Sistema president Tagir Sitdekov.
In 2021, MFG reported that revenue was up 49% year on year at
“Given the possible interest of other shareholders in the sale of their stakes, we are ready to consider the possibility of further buyouts,” Sistema’s press service told bne IntelliNews.
“We greatly appreciate the company’s development strategy and have huge respect for the management of MFG. MFG has one of the most professional teams in the retail market, under whose leadership the company has demonstrated impressive dynamics of operational and financial performance over the years,” the press service added.
The deal makes Sistema MFG’s biggest shareholder. The other major shareholders are founder
Sistema also has extensive experience in retail, having bought children’s goods retailer Detsky Mir when it was only a single outlet. Detsky Mir went public in 2017, bringing Sistema more than
Sistema's portfolio also features
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