logo
Plus   Neg
Share
Email

X5 Retail In Cooperation Deal With Centrosoyuz To Open Up To 1,000 New Stores

X5 Retail Group N.V. (FIVE.L), a Russian food retailer, announced Wednesday the signing of a cooperation agreement with the Central Union of Consumer Societies of the Russian Federation or Centrosoyuz.

The company noted that the five-year agreement has the potential to lead to the opening of up to 1,000 new stores under the joint brand of COOP-Pyaterochka during the first three years of the project.

COOP-Pyaterochka stores would be opened at Centrosouyz's existing consumer cooperatives. The project will be implemented mostly through franchising.

The parties have also agreed to open up to 5,000 Pyaterocka-based shop-in-shops by 2021 that will sell goods from local farmers and consumer cooperatives. The primary focus of this subleasing partnership is to create a comprehensive product and service offering tailored to the needs of the local customer.

Separately, X5 Retail Group and its unit X5 Finance B.V. announced the pricing of a debut international note issue in the size of RUB 20 billion with maturity in April 2020 at an annual coupon rate of 9.25% paid semi-annually.

The closing and settlement are expected to be completed on 18 April 2017.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Consumer goods giant Procter & Gamble Co. on Wednesday reported a 28 percent increase in profit for the second quarter from last year, when results were impacted by a charge related to the U.S. tax reform. Both revenue and core earnings per share for the quarter beat analysts' estimates. Looking ahead, the company affirmed its outlook for fiscal 2019 earnings. LSEG Technology, London Stock Exchange Group's technology solutions provider, said it has been selected by Atom Group, a fintech company focused on blockchain technology and emerging digital assets, to power its new Hong Kong-based digital asset exchange AAX. The new digital exchange, which is expected to launch in the first half of fiscal 2019, will use LSEG's Millennium Exchange matching engine. Starbucks Coffee Co. said Tuesday it is expanding its "Starbucks Delivers" pilot to an additional six cities across the U.S. The expansion of the delivery service, in partnership with Uber Eats, begins today in San Francisco, the first of six new markets to offer the service to customers. The coffee giant plans to bring Starbucks Delivers to nearly one-quarter of U.S. company-operated stores.