The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
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).
This week’s round-up of global markets fashion business news also features the China Duty Free Group, Uniqlo’s Japanese owner and a pan-African e-commerce platform in Côte d’Ivoire.
Affluent members of the Indian diaspora are underserved by fashion retailers, but dedicated e-commerce sites are not a silver bullet for Indian designers aiming to reach them.
This week’s round-up of global markets fashion business news also features Brazil’s JHSF, the Abu Dhabi Investment Authority and the impact of Taiwan’s earthquake on textile supply chains.
This week’s round-up of global markets fashion business news also features Dubai’s Majid Al Futtaim, a Polish fashion giant‘s Russia controversy and the bombing of a Malaysian retailer over blasphemous socks.