To coincide with the visit to Russia by the Prime Minister, David Cameron, and a delegation of UK business leaders, Kingfisher plc today announces plans to invest £115 million opening nine new Castorama stores in Russia over the next two years.
Kingfisher already operates 17 Castorama home improvement stores in the fast-growing Russian market and this investment is consistent with its plan to open 4-5 stores each year in Russia.
Commenting on the plan, Kingfisher’s Group Chief Executive, Ian Cheshire, who is part of the business delegation in Russia, said: “Russia represents a major opportunity for Kingfisher. Our trading performance there has been encouraging and we look forward to opening these nine new Castorama stores and many more in the future.”
Kingfisher’s first Russian store opened in 2006, under the Castorama brand. There are now 17 Castorama stores in 12 cities across Russia, including Moscow, St Petersburg and Samara. In 2010/11 Kingfisher’s sales in Russia grew by 39% to £240 million. Castorama Russia employs over 2,500 staff.
|Ian Harding, Group Communications Director
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|Sarah Gerrand, Head of Investor Relations
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|Nigel Cope, Head of Media Relations
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|Clare Haines, Media Relations Officer
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