The U.S. discount store operator TJX Companies Inc has acquired a 25% stake in Russian low-cost retailer Familia for $225 million. This is the first major M&A purchase in Russia by a western company since sanctions of 2014.
It is important to note that sanctions had a direct impact on popularity of discount retailers in Russia. Launched as solution to decline in global prices for export, the discount centers turned into promising opportunity for development and consumer spending centers.
Familia has more than 275 stores in 90 cities across the state. With clothes, shoes, accessories and household goods on stock the company managed to raise turnover for 24% against 7% in the previous year. Now, when Russia found a successful path for development, the economy is ready to offer more and more investment opportunities for foreign markets.