Russia's Bork appliances brand plans Uzbekistan, Turkey and UAE expansion

By Muzaffar Ismailov in Tashkent May 30, 2023

The Russian household appliances brand Bork plans to launch branded stores in three new countries, Vedomosti has reported.

According to cited real estate market insiders, the brand has chosen Uzbekistan, Turkey and the UAE for expansion. The stores are scheduled to open in late 2023 to early 2024.

Anna Savenko, a real estate consultant, was reported as saying that Bork's task would be to increase the recognition of its products as a premium brand. She estimated that the amount of investment in one store with an area of 1,000 square metres would be around $4mn.

“Entering the markets of friendly countries will allow Russian retailers to reconfigure supplies and mitigate sanctions pressure,” said Mikhail Burmistrov, CEO of Infoline Analytics.

The opening of stores in regional countries enables Russian retailers to create local legal entities and purchase goods that fall under Ukraine war sanctions.

Burmistrov pointed to the significant diaspora presence of Russians in the UAE, Turkey and Uzbekistan.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Xlinks warns cost of Morocco-UK Power Project could rise some 25% to reach $30bn

UK renewable energy producer Xlinks, noting significant upward pressure on the cost of all energy projects, has warned that construction of the Morocco-UK Power Project could reach $27bn to $30bn, up ... more

Morocco in talks with investors to build EV battery gigafactories, says minister

The Moroccan government is in extensive talks to attract more electric vehicle (EV) battery manufacturers to support its growing automotive sector and meet soaring demand, industry and trade minister ... more

UAE’s Masdar, Uzbekhydroenergo partner up to evaluate potential of national hydro power storage

United Arab Emirates renewable energy company Masdar has partnered with Uzbekhydroenergo to evaluate the potential of national hydroelectric power storage projects. Masdar and Uzbekhydroenergo, a ... more

Follow Us On

Most Read

  1. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  2. Don't mention the "D" word - Ukraine
    6 days ago
  3. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    9 days ago
  4. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    4 days ago
  5. The models are wrong, climate change is accelerating faster than predicted
    1 day ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    27 days ago
  2. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  3. BRICS announce a blockchain-based payment system to create a common currency
    29 days ago
  4. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    1 month ago
  5. Saudi Arabia to scale back plans for Neom city
    16 days ago

Reports

Dismiss