Schaub Lorenz

History

2024: Huseyn Imanov buys 30% of Schaub Lorenz

On April 8, 2024, it became known that the owner of the Russian brand of household appliances Jackie's Huseyn Imanov entered into an agreement to acquire 30% of the rival company Schaub Lorenz (Schmit Company LLC). The deal is expected to allow the parties to increase revenue and enter new markets.

Imanov told the Kommersant newspaper that the decision to acquire a stake in Schaub Lorenz was made taking into account "the growth prospects of the home appliances market in Russia against the background of the departure of a number of foreign vendors." Thanks to the deal, TVs, small appliances and kitchen accessories will appear in the Schaub Lorenz range. Products from both brands are made in China and Turkey.

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The deal should help increase the revenue of Shmit Company LLC from sales by the end of [2024] by half, and within five years - up to 5 billion rubles, - notes Imanov.

At the same time, market participants note that the parties do not intend to implement joint projects in connection with various business models. In particular, it is stated that "Schaub Lorenz technology is focused on the middle price segment, Jackie's is developing in the direction of luxury electronics." Dmitry Shashkin, general director of the Kuppersberg household appliance brand, believes that Schaub Lorenz "turned to Huseyn Imanov for financing."

The main beneficiary of Schmit Company LLC, Radmir Sokolov, said that the company intends to develop not only in the Russian Federation, but also in friendly countries. At the same time, sources of the Kommersant newspaper said that the deal will help Schmit Company expand sales channels, including in the Russian Federation: we are talking primarily about entering marketplaces and cooperation with distributors on favorable terms. In turn, Imanov "is interested in the share of Schaub Lorenz sales revenue." As of the beginning of April 2024, Schmit Company is estimated at about 1 billion rubles.^[1]

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