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Cortefiel's expansion plans for Russia & Ukraine

25
May '10
Following the recent signing of an agreement with the UK, the Group is continuing with its international strategy aimed at penetrating key strategic markets. Grupo Cortefiel gives a major boost to its expansion strategy in the Russian Federation and Ukraine with the opening of 190 new stores.

The expansion plan takes in the Springfield and women'secret brands following the signing of the seven year renewable agreement with MFG Group which includes a purchase option for the Spanish firm.

This week, Juan Carlos Escribano, Grupo Cortefiel's CEO, travelled to sign the agreement with Swedishbased company Mellon Fashion Group which will allow the Spanish fashion distributor to open a total of 190 new Springfield and women'secret stores over the next four years on all the major markets in the former Soviet Union, boosting its presence to 243 points of sale.

As a result, MFG, which owns a total of 300 stores operating in these markets under the Loverepublic, Befree and Zarina brands, is set to become Grupo Cortefiel's biggest master franchisee on the international market.

For the first time ever, the agreement includes a purchase option which the Spanish company may take up when the contract comes up for renewal over a seven year period.

Grupo Cortefiel entered the Russian market in 2002 with Springfield and women'secret, where it currently has a total of 53 stores. This latest agreement is a further step forward in the international strategy of Grupo Cortefiel, which is now present in 60 countries, and comes on the heels of another recent signing with UK firm Brand Empire.

The objective is to increase its presence on key strategic markets and to boost sales on international markets to 50% of the total turnover in the mid-term. Grupo Cortefiel, a leading name in the fashion sector, has a sales network of more than 1,593 stores and is present in 60 countries through its four chains - Cortefiel, Pedro del Hierro, Springfield, and women'secret.

Cortefiel


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