"Shoes of Russia" increased the credit limit
VTB Bank and Obuv Rossii Group of companies have signed a loan agreement under which the Bank opens a revolving credit line to the Group in the amount of 1.4 billion rubles and for a period of 5 years. As a result of the transaction, the total credit limit provided by the Bank "Shoes of Russia" increased to 3.5 billion rubles. The company will use the raised funds to replenish working capital and finance current activities.
VTB Bank and the group of companies "Shoes of Russia" have been cooperating since the fall of 2013. "We highly appreciate the fact that one of the largest banks in the country is our permanent financial partner. - comments Anton Titov, Director of the Group of Companies "Shoes of Russia". For several years, the bank has been providing substantial support in the implementation of the company's strategic plans. Thanks to our joint work, we were able to significantly expand our business, increase our presence in the regions, launch new areas of activity and strengthen our leadership positions in the market.
Head of VTB Bank's corporate branch in Novosibirsk Vyacheslav Bryukhanov noted: "The group of companies "Shoes of Russia" is rightfully one of the flagships of the Russian shoe market and for many years has been successfully using the economic environment for continuous business development, achieving new performance indicators. I am confident that the provided financing will allow the company to implement plans to further strengthen its market position. We always closely monitor entrepreneurial initiatives in the Novosibirsk region and will continue to support high-quality projects of any scale.
"Shoes of Russia" demonstrates high performance: in 2016, the company increased revenue by 11% to 10 billion rubles; net profit amounted to 1.3 billion rubles; retail sales of shoes increased by 10%. According to the forecasts of the marketing department of Footwear of Russia, positive trends have emerged in the shoe market: a slow recovery of the market will begin in 2017, it will return to pre-crisis indicators by 2019-2020.