Russian businessman Arkady Pekarevsky has sold his 45 percent stake in the Sela clothes company to his relative Boris Ostrobrod and intends to open 500 boutique confectionary stores in the next three years, Pekarevsky told RIA Novosti on Friday, declining to mention the size of the deal.
Pekarevsky plans to open the stores in several Russian cities, including Moscow, Rostov-on-Don and Krasnodar, and abroad. He said the first boutique would be opened in Moscow by the end of October.
"We expect to open stores abroad in no less than six months time," he said. "Today the chocolate market is very competitive, and we will be positioned primarily as a marzipan boutique."
He said investment in opening one store amounted to $20,000 with the payback period standing at two years.
"I think we will need $2 million to develop this business," he added.
Pekarevsky owns the Atstek chocolate and marzipan factory in St. Petersburg, which was established by two of his relatives. He bought out their stakes 18 months ago.
MOSCOW, Oct 22 (RIA Novosti)
