Russia's major shoe retailer, Obuv Rossii, plans to spend 900 million rubles (€12m-$15m) to buy back some of its shares on the Moscow Stock Exchange, as the price of its shares hit record lows, Obuv Rossii said in a statement on its website.

As of July 2018, 44 percent of the company's shares were held by the company's chief executive, Anton Titov, and 16 percent by a Russian tycoon, Mikhail Prokhorov. The free float on the stock exchange concerned 38 percent of the shares.

As part of the share buyback program, Titov has already increased his stake in Obuv Rossii from 44 percent to 50 percent, the company added in a statement on its website. Titov explained that he took this step because he “believes in prospects of further dynamic development of the company and in considerable potential of the footwear market” in Russia.

“The company shows good performance, is carrying out all the announced plans and is ahead of the enhancement schedule for strengthening its positions at the market,” Titov added.

Obuv Rossii's shares have lost about 40 percent of their value since it went public in October 2017. The IPO resulted in proceeds of nearly six billion rubles (€79m-$90m) for the company.

Despite the strong expansion in the company's retail network in Russia and a solid financial performance, the price per share slumped from 140 rubles to 84 rubles during the past 12 months. The company has not given any explanation for the downward trend.

For the first nine months of this year, Obuv Rossii has reported a sales increase of 11 percent to the equivalent of almost $120 million.