The Russian division of the retailer “Stockmann” may become the property of Sberbank. According to the bank’s message, there is already an agreement to buy 100% of the shares from businessman Yakov Panchenko.
The parties to the transaction signed an agreement of intent. The binding agreement is expected to be signed in the first half of 2022 after due diligence of the retailer’s business has been completed. The parties will also need to obtain approval from the Federal Antimonopoly Service.
Sberbank plans to integrate Stockmann into the Sbermegamarket marketplace. Through the merger, Sberbank intends to strengthen its position in the field of e-commerce and increase the share of fashion retail in e-commerce turnover.
The Stockmann company specializes in sale of clothes and footwear of “average” and “premium” segments. The retailer represents more than 600 brands in Russia. The company’s turnover in 2021 amounted to 10 billion rubles.
At the end of 2021, Sberbank was recognized as the strongest banking brand in Europe. The Russian company scored 92.3 points out of 100 possible in the Brand Finance rating.