Russia’s Gloria Jeans says considers possibility of IPO

MOSCOW, Dec 20 (PRIME) -- Russian clothes retailer Gloria Jeans is considering floating its shares in an initial public offering (IPO), Vladimir Melnikov, chairman of the company’s board of directors, told PRIME on Wednesday.

“Gloria Jeans is considering the possibility of an IPO, but we are looking into what would be a priority for our company,” he said.

In 2024, the company plans to reconstruct 200 existing stores by expanding their sales area from 600–800 square meters per store to 1,500–2,000 square meters, and open to 50–100 stores of the new brand Ready! Steady! Go! that will be focused on teenagers, he said.

The investment program, including spending on digital technologies and development of production and retail should reach 15–17 billion rubles in 2024. Over the next several years, the company is to completely revamp its assortment of clothes, close 200–300 small stores with the sales area below 700 square meters, open 400–500 stores with the sales area of 1,500–2,500 square meters, implement digital solutions at all levels, and occupy up to 10% of the country’s market, he said.

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