Stockmann AO

Stockmann is a Russian fashion retailer specializing in segments from "medium" to "premium."

Performance indicators

2023: Revenue growth by 44% to RUB 14.81 billion

The Stockmann chain of clothing and home goods stores in 2023 amounted to 14.81 billion rubles against 9.58 billion rubles a year earlier (an increase of 44%; these and other indicators are given in accordance with Russian Accounting Standards/RAS/). The company's net loss reached 560.4 million rubles, while in 2022 net profit was recorded at 533.3 million rubles. This is evidenced by the data of the Kontur. Focus service, which TAdviser got acquainted with in May 2024.

It follows from these materials that the cost of sales of Stockmann JSC in 2023 reached 7.03 billion rubles, an increase from 4.32 billion rubles in 2022. The retailer's gross profit increased from 5.26 billion to 7.78 billion rubles, and profit from sales rose from 1.23 billion to 1.7 billion rubles.

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The commercial expenses of Stockmann JSC in 2023 amounted to 5.3 billion rubles, which exceeds the same costs a year ago at 3.42 billion rubles. Management costs also increased - from 605.6 million to 774.5 million rubles.

The company's accounts payable in 2023 amounted to 4.28 billion rubles against 3.21 billion rubles a year earlier. Accounts receivable during this time more than doubled and exceeded 1.39 billion rubles.

Against the background of leaving foreign Russia clothing brands, Stockmann is actively expanding. So, in 2023, she planned to open 16 department stores in,, To Moscow, Sochi St. Petersburg Krasnoyarsk, Perm and other cities. The volume of investments is 45 thousand rubles per meter with a total investment of 3 billion rubles.

In 2023, Stockmann opened a store in the Vegas Kuntsevo shopping and entertainment complex in Moscow and the first Stockmann department store in southern Russia in the MoreMall shopping and entertainment center in Sochi.

2021: Turnover of 10 billion rubles.

The company's turnover in 2021 amounted to 10 billion rubles.

History

2022

The court invalidated the deal on the sale of stores "Podium Market" of the "Stockmann" chain for 1.7 billion rubles

Moscow arbitration in the framework of the bankruptcy case of the investment and production company (IPC) Atlas, which was previously called Podium Market, invalidated the transaction to sell the business of the Stockmann chain. The relevant court ruling became known in mid-November 2022. Read more here.

Sber refused to buy the Stockmann chain of stores due to sanctions

On May 12, 2022, it became known that Sber refused to buy the Stockmann chain of stores, the cost of which is estimated at 1-1.5 billion rubles.

As a source in investment circles told Kommersant, the deal could have broken due to Western sanctions that were imposed on Sber. Data Insight partner Boris Ovchinnikov, in a conversation with the newspaper, agreed with this version and noted that the presence of a sanctioned bank in shareholders limits work with brands from Europe and the United States.

Sber refused to buy the Stockmann chain of stores

The press service of Sberbank told TASS that the deal was canceled by mutual agreements. "Spermegamarket" will independently develop the fashion direction, "Stockmann" will remain a partner of the marketplace. General Director of Stockmann Gennady Levkin, in a conversation with Kommersant, noted that Stockmann works on all leading marketplaces as a merchant, including at Sberbank.

According to the source, Kommersant initially Sber hoped to conclude partnerships and transactions with companies in those categories where it had the least competencies. This was part of their development strategy. By May 2022, all plans related to growth have been suspended and are subject to revision, the source added.

The fashion segment was poorly represented by SberMegaMarket, they did not have large sales volumes, says Boris Ovchinnikov. SberMegaMarket clarified that the category is one of the most dynamically growing: in the first quarter of 2022, the number of orders increased almost sevenfold on an annualized basis. A representative of Sberbank said that now they plan to develop the fashion direction on their own.

Finding another buyer for Stockmann will be difficult, says Olga Sumishevskaya, partner at One Story. According to her, in the new conditions, Sber is forced to get rid of or revise its attitude towards non-core assets.^[1]

Opening stores in Russia under their own trading brands

At the end of April 2022, it became known about the creation by the Russian company Stockmann of its own trading brands, under which the retailer will open new stores. Stockmann has registered domains for the following brands: Aurana, Bellucci, D.Molina, Marco Di Radi, Peter Jorgen, Sabrina Scala and Ugo Carducci.

As the general director of Stockmann Gennady Levkin told Kommersant, separate clothing chains with stores in shopping centers and marketplaces will develop under these brands. "Several tens of millions of rubles" have already been spent on their development, he said, without naming the exact amount of investments. According to Levkin, we are talking about several tens of millions of rubles.

The first major project is planned to be women's clothing chain Bellucci. The retailer wants to open about 50 stores under this brand in Moscow, St. Petersburg and Yekaterinburg - negotiations are underway with several shopping centers on renting premises. Levkin estimated the cost of opening one store at at least 4 million rubles, therefore, initial investments can amount to about 200 million rubles. The Bellucci network will operate in the middle price segment. Chains under other brands of the retailer are planned to open by the spring of 2023.

When launching new networks, Stockmann will use a partnership with the Smermegamarket marketplace, which will allow it to analyze demand and support sales, experts interviewed by the publication believe. However, the main problem for starting new projects is the low availability of loans due to high interest rates. According to Mikhail Burmistrov, CEO of Infoline Analytics, Stockmann will apply for premises for outgoing medium-sized companies such as the Polish LPP.^[2]

Agreement of intent with Sberbank for the joint development of the fashion segment

Sberbank and the owner of the Russian STOCKMANN Yakov Panchenko signed an agreement of intent for the joint development of the fashion segment in the Sberbank ecosystem, which announced this on January 26, 2022. The parties intend to sign a binding agreement on the acquisition by Sberbank of a 100% stake in STOCKMANN in the first half of 2022 after a comprehensive investment audit, obtaining the necessary corporate approvals of the participants in the transaction and approval from the FAS Russia.

As of January 2022, the company operates in Russia, representing more than 600 brands in categories: clothing, shoes, goods for children, household goods. In Russia, Stockmann has 12 offline stores: in Moscow, St. Petersburg, Yekaterinburg and Murmansk. The monthly audience of the site stockmann.ru 1.5 million visitors.

It is planned that STOCKMANN and the multi-category marketplace SberMegaMarket will become strategic partners and will be integrated with each other. Combining the expertise of companies will strengthen Sberbank's position in the e-commerce industry, multiply increase the share of GMV fashion from the total turnover of ecom services of the ecosystem, as well as implement a number of new opportunities for the development of the segment.

{{quote 'author = said Lev Khasis, First Deputy Chairman of the Management Board of Sberbank. |

I am confident that the development of the fashion category in the Sberbank e-commerce industry will become one of the key growth drivers. Our actions coincide with the global trend for the construction of qualitatively new omnichannel services in this most important category for buyers, }}

Шаблон:Quote 'author = noted Yakov Panchenko, Chairman of the Board of Directors of STOCKMANN.

As Yakov Panchenko added, the eCom segment is developing rapidly. There are more and more convenient online services for buyers. The company believes that real omnichannel fashion retail can no longer limit itself to offline points of sale and an online store - it is necessary to give the client the opportunity to make purchases where it is convenient for him. Including on the marketplace.

{{quote 'author = told Solomon Kunin, CEO of SberMegaMarket marketplace. |

Fashion for us is one of the highest priority and fastest growing categories, despite the fact that we began to actively develop the segment about a year ago. The number of orders for clothing, shoes and accessories in the fourth quarter of 2021 is 9 times higher than in the same period in 2020. The strategic partnership with STOCKMANN will not only expand the range on the marketplace at the expense of mid-range and premium brands, but also open up a range of new opportunities for multi-channel sales. We hope that this is the beginning of a long and mutually beneficial cooperation, thanks to which the GMV fashion segment of the total turnover of the marketplace in the future of several years will be about 20%, }}

2018: Online Store Opens

In 2018, an online store opened, which became an important fact in the history of the company and made it possible to develop the click & collect direction.

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