Russian discounter eyes expansion in Middle East
Russian discount retailer Fix Price is planning to open its first outlets in the United Arab Emirates, company CEO Dmitry Kirsanov announced on Thursday.
According to the chief executive, the first stores are expected to appear in the Gulf state as early as next year.
Kirsanov pointed out that the retailer had continued to expand internationally in the second quarter of the current year by opening its first stores in Armenia under a franchising program.
“We see significant potential to expand our brand into high-potential markets,” he explained.
Earlier this year, Fix Price entered the Mongolian market by opening two stores in Ulaanbaatar.
“Thus, our company is now represented in nine countries,” Kirsanov said.
Founded in 2007, the company has more than 6,000 outlets in Russia, Belarus, Kazakhstan, Uzbekistan, Latvia, Georgia and Kyrgyzstan. Fix Price raised around $2 billion in an initial public offering in 2021 on the London and Moscow stock exchanges.
The company’s latest financial report shows that its year-over-year revenue rose 3% to 135.7 billion rubles ($1.38 billion) in the first half of the current year. Retail revenue reached 120.1 billion rubles ($1.22 billion), marking a growth of 2.9% compared to the same period a year ago. Wholesale revenue rose by 3.3% year-on-year and totalled 15.6 billion rubles ($158 million).
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