Russia's major shoe retailer, which is also a major shoe manufacturer, signed an agreement with one of the Russian biggest banks, Promsvayzbank, for 3 billion rubles (€40m-$45.5 m) to support the Obuv Rossii's long-term development strategy. The bank said the loan had been granted to support the government's plans to strengthen shoe manufacturing in Russia.
Speaking about the new agreement, Anton Titov, chief executive of Obuv Rossii Group, said that over the previous two years, the company had been heavily investing in its development, building up manufacturing capacity and its store network. He added that it still has ambitious plans for further growth.
In 2018, Obuv Rossii significantly expanded its operations, opening stores in more than 80 new cities, the company reported. This year, Obuv Rossii plans to add from 100 to 150 doors to its retail network, which now consists of 731 stores in 251 cities.