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HomeBusinessRussian jeweler Sokolov plans US IPO as revenues double By Reuters

Russian jeweler Sokolov plans US IPO as revenues double By Reuters



© Reuters. Artem Sokolov, managing associate and co-owner of Sokolov Jewellery poses in Moscow, Russia November 18, 2021. Image taken November 18, 2021. REUTERS/Evgenia Novozhenina


By Olga Popova

MOSCOW (Reuters) – Russian jeweler Sokolov is planning a twin itemizing in New York and Moscow in 2023, its co-owner informed Reuters, betting on sturdy income development and the event of its retail community because it joins a raft of Russian corporations pursuing market debuts.

Russian preliminary public providing (IPO) exercise has picked up because the economic system improves after the COVID-19 pandemic final yr and as issues over extra Western sanctions fade, though a few postponements have marred the itemizing spree.

“Within the spring of 2022 we need to do a pre-roadshow for a yr… and we plan to enter the market in america and Moscow in 2023,” stated Artem Sokolov, managing associate and co-owner of the virtually 30 -year-old jewellery community, informed Reuters.

“In america we’re contemplating each the New York Inventory Trade and Nasdaq,” he stated. “To have good free float and liquidity, we have to increase about $500 million.”

Sokolov, which manufactures jewellery and operated as a wholesaler for a few years, tripled its market share with the launch of its model in 2014 and shortly after moved into retail, which now accounts for nearly half of income. It expects to have 350 shops by the tip of 2021, up from 20 in 2019.

Sokolov’s January-September income was round 20 billion roubles ($275 million), with full-year income anticipated to achieve round 30 billion roubles, greater than doubling yr on yr.

The corporate didn’t disclose revenue knowledge, however Sokolov stated: “Now we have at all times been worthwhile. Now we’ve got exponential development of income and revenue.”

Sokolov forecast that the corporate ought to develop into Russia’s jewellery market chief by retail income, overtaking home rivals Daylight and 585 Gold in 2023. He views Swarovski and Pandora (OTC:) as the corporate’s closest worldwide rivals.

The group additionally sells jewellery on a cellular app, which has a million month-to-month energetic customers. It has three million month-to-month energetic customers on its web site.

“We are going to combat to be the number-one cellular jewellery utility on the planet with our personal retail and manufacturing,” he stated.

Sokolov can also be planning to open 15-20 shops in Kazakhstan in 2022 and can launch a retail community in Germany subsequent yr.

($1 = 72.8453 roubles)

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Abhishek Tiwari
Abhishek Tiwari is the Author & Founder of the He is passionate about Blogging & Digital Marketing.

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