Investment firm Baring Vostok, which owns a stake in Russia’s low-price Familia chain, has purchased a 12 percent share in womenswear brand 12Storeez for an undisclosed sum.
Co-founder of 12Storeez, Marina Golomazdina, who previously owned 31 percent of the company, reportedly agreed to sell the shares to the new investor.
The remaining company shares belong to fellow co-founders, Ivan and Irina Khokhlov. The brand, which has garnered a following among Russian urbanites and joined the Farfetch platform this year, is expected to expand into the European market in the future.
12Storeez was founded in 2014 in Yekaterinburg. Today it operates 35 stores and each month, the brand releases a selection of highly curated pieces in limited quantities, focusing on simple, elegant designs that can be easily matched with one another. In 2020, the company’s revenue increased by 36 percent, to 3 billion rubles ($40.3 million).
Dmitry Gabyshev, executive director of Peregrine Capital, has given 12Storeez an estimated valuation of about 2.7 billion rubles ($36 million).