The Russian household appliances brand Bork plans to launch branded stores in three new countries, Vedomosti has reported.
According to cited real estate market insiders, the brand has chosen Uzbekistan, Turkey and the UAE for expansion. The stores are scheduled to open in late 2023 to early 2024.
Anna Savenko, a real estate consultant, was reported as saying that Bork's task would be to increase the recognition of its products as a premium brand. She estimated that the amount of investment in one store with an area of 1,000 square metres would be around $4mn.
“Entering the markets of friendly countries will allow Russian retailers to reconfigure supplies and mitigate sanctions pressure,” said Mikhail Burmistrov, CEO of Infoline Analytics.
The opening of stores in regional countries enables Russian retailers to create local legal entities and purchase goods that fall under Ukraine war sanctions.
Burmistrov pointed to the significant diaspora presence of Russians in the UAE, Turkey and Uzbekistan.
Related Articles
Egypt signs oil and gas exploration deals with Dragon Oil, Perenco and Apache worth over $121mn
Egypt’s Ministry of Petroleum and Mineral Resources signed three agreements on September 14 – with UAE-based Dragon Oil, and French independent Perenco Egypt and its US peer Apache Egypt ... more
Egypt eyes $5.2bn in manufacturing investments for FY2025/26, says planning minister
The Egyptian government plans to attract EGP 252.8bn ($5.2bn) in investments to the manufacturing sector for FY 2025/26, Economy Plus reported on September 3, citing the country’s Minister of ... more
Egypt set to receive $500mn tranche from IMF Resilience and Sustainability Facility before end-2025
Egypt is set to receive the first tranche of $500mn from the International Monetary Fund’s (IMF) Resilience and Sustainability Facility (RSF) before the end of 2025, Asharq Business reported on ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
22 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
Hungarian economy faces weak growth, slow path to price stability, central bank report shows
2 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago