The founder of Eldorado, one of Russia's largest home electronics retailers, Igor Yakovlev, told Prime news agency on Friday he would invest $150 million in his new mid-priced footwear store chain this year.
Yakovlev plans to launch 30 outlets under Kari brand name in Russia and another 30 stores in Poland, Ukraine and Kazakhstan in June 2012, while as of the end of this year the store chain will amount to 150 outlets in the four countries.
"We will position (the project) as a store chain with affordable prices. We will sell men's and women's footwear under our own brand names," he said, adding that each outlet with a salesfloor of 300 square meters would cost from $300,000 to $400,000.
Last August, Yakovlev sold his stake in Eldorado to Czech's PPF international financial group, which became a full owner of the retailer. He also owns 51 percent in Kazakh's largest home electronics retailer Sulpak.
