Ural Bank for Reconstruction and Development Opens RUB 1 bln Credit Line for Obuv Rossii
Obuv Rossii Group, the first public company in Russian fashion-retail and the Ural Bank for Reconstruction and Development (KB UBR&R, PJSC) signed a loan agreement under which the bank opens a two-year revolving credit line for the Group for RUB 1 bln. The raised money will be used to finance Group’s working capital and current operations, including the retail chain development.
The Ural Bank for Reconstruction and Development is one of the key financial partners of Obuv Rossii. “We have cooperated with UBR&R since 2012 and we are glad to continue our cooperation with one of the leading banks in our country”, comments CEO of Obuv Rossii Group, Anton Titov. “Financial support of the bank plays an important role in Company’s achieving its strategical goals one of which is to become the leader on the Russian shoe market. We have been actively increasing the volumes of our business, developing the production, and opening new stores. We plan to maintain such high growth rates.”
Obuv Rossii Group has a reputation of a reliable borrower with a positive credit history. The company cooperates with leading Russian banks, the share of long-term financial resources in its credit portfolio has significantly grown over the past years. “Obuv Rossii is one of the leading players on the Russian shoe market. In October 2017, the Company launched a successful IPO, which confirms competitiveness of Obuv Rossii’s strategy and a great potential for further development” said the head of Novosibirsk Branch of UBR&R, Larisa Kuchendayeva. “We are glad to know that using our financial support, domestic businesses gather pace and reach new development heights.”
Under its mid-term investment program, Obuv Rossii is rapidly enhancing its retail chain in 2018: as of 31.03.2018, the Group opened 34 new stores and entered 10 new cities. The total number of new sales outlets the Company plans to launch this year is 100. Plans of business development are supported with positive dynamics on the shoe market: according to forecasts of Discovery Research Group, the volume of Russian shoe market according to the results of 2018 will exceed RUB 1.4 trillion.