Absolut Bank Opened a Credit Line for 500 Million Rubles to Obuv Rossii Group
Absolut Bank and Obuv Rossii Group signed an agreement on the opening a revolving credit line for 500 million rubles to the Group till September 2021. The raised money will be sent to replenish current assets and finance the current activity of the Group.
Absolut Bank and Obuv Rossii have been cooperating since October 2014. The new deal is a continuation of our mutual work. "We are thankful to the bank for fruitful cooperation and for the support of our development program," comments Anton Titov, Director of Obuv Rossii Group. "During the last years we achieved substantial results in the main business directions: we modernized our factory, increased production areas, and launched new production lines. We are also actively expanding the retail chain, and this year we have already opened more than 100 stores. The partnership with the Bank makes a substantial contribution in the reaching of business goals of the Company."
"Our Bank is interested in the development of long-term cooperation with companies that are leaders in their industries," comments Andrey Boguslavsky, Deputy Chairman of the Board of Absolut Bank. "We note that Obuv Rossii Group pays great attention to the expansion of its own production, investing in its modernization. On its part, Absolut Bank provides its partner with effective financial instruments for the solving of current and future tasks."
Obuv Rossii demonstrated good financial indicators: in the 1st half of 2018, the revenue of the Company increased by 13.9% to 4.493 billion rubles. In 2017, the Group renewed the active growth of its retail chain: in 2017 it opened 83 new stores, and it is planned to launch 150 new retail outlets in 2018. As of 20 September 2018, the Company has already opened 645 stores. In the medium term, Obuv Rossii intends to increase its retail chain to more than 1,000 retail outlets.