Wednesday, 21 August 2013 00:00

OTTO GROUP sets out for growth in Russia

Otto Group is to invest EUR50 million (USD65.9 million) in Russia. The focus is mainly in the development of logistics services. In particular, the capacity of the logistics centre in Tver will be doubled. Another strategic priority is the group's expansion of the Hermes-DPD parcel shop network. The Germany-based multi-channel retailer and services company is looking to operate 1,000 stores such in 150 cities by 2015, up from today's 350 parcel shops in 90 Russian cities.

Otto Group operates in Russia through its Otto Group Russia subsidiary. The company entered the market in 2006 and now operates a dozen banners which generate approximately EUR550 million (USD707 million). The most successful banner Bonprix has revenues of more than EUR200 million (USD257 million) in the market. Other banners include OTTO, Quelle, Witt, NaDom, Lascana, and Meggy Mall.

Dr Michael Otto, Otto Group Chairman, said: "We are convinced that the Russian distance retail bears still a lot of potential - especially in e-commerce which is already responsible for more than 50% of total turnover." Source: Planet Retail

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