The agreement on the sale of the clothing retailer Melon Fashion Group (MFG; brands Zarina, befree, Love Republic and Sela) to the investment company AFK Sistema has been terminated. This was announced by the Swedish company Eastnine, she will look for another buyer.
“The agreement on the sale of Eastnine’s stake in MFG PJSC AFK Sistema has been terminated. Eastnine will continue to seek a way out of its investment and is in dialogue with potential buyers. Eastnine.
The Swedish company Eastnine believes that the terms of the deal will never be fully fulfilled, so the agreement “was terminated by the parties by mutual agreement.”
In October, Sistema agreed to buy a 47.7% stake in Melon Fashion Group from Swedish Eastnine, East Capital Holding AB and a group of private investors. The amount of the transaction was to be 15.8 billion rubles. At the end of 2021, the group included 845 stores in Russia, as well as in Kazakhstan, Armenia and Belarus.
Read more regarding the deal in the material “The system replenishes the wardrobe.”