A Gloria Jeans storefront in Kiev, Ukraine. Shutterstock
Russian high street retail giant, Gloria Jeans, increased its revenue by 40 percent in its first quarter 2021, compared to the same period last year, making 44 billion roubles ($591 million), owner Vladimir Melnikov said in a statement.
Despite the pandemic causing widely unfavourable conditions for retail, the company, which also operates in other countries formerly part of the Soviet Union, doubled its first quarter profit year-on-year, to more than 4 billion roubles ($53 million). Melnikov also said the company is plotting expansion beyond the former Soviet bloc and planning an initial public offering.
Over the past 12 months, its store network has increased from 580 to 610 and Melnikov said the company’s goal was to increase the share of e-commerce sales to 30 percent in cooperation with leading local e-commerce platform, Wildberries.
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