VTB Bank has set a credit line of RUB 1.6 billion for up to seven years for Planeta Stroi, owner of the Uyuterra department store chain. The company will use the funds to replenish its current assets to build up necessary inventory, and to make capital investments in opening new stores.
VTB has been developing its partnership with Planeta Stroi, the largest chain selling household goods in Russia, since 2013. Aside from ongoing funding, VTB manages the company’s payment transactions. Future plans include providing cash collection services to over 100 stores in 40 Russian regions.
«We are pleased to be a financial partner of this successful and fast-growing company. The chain specialises in household goods that are in high demand among Russian customers. Uyuterra has grown its sales volumes at a fast pace over the past few years. I am certain that our funding will help the company establish itself as a market leader.».
Deputy President and Chairman of VTB Bank Management Board
«We welcome the progress in our long-term partner relations with VTB," Planeta Stroi CEO Alexander Saganov said. «Our company is growing successfully, extending its range of items and expanding its geography. We are certain that collaboration with VTB Bank will enable us to increase our market share and improve operating efficiency.»
Uyuterra is a major national chain with Russian participation in DIY & Household. The company currently manages 116 stores in 41 Russian regions with a customer turnover of 12 million people annually. Its product range includes between 15,000 and 25,000 items. An average store has area of 1,000 sq m. The company employs over 3,600 people.