Baring Vostok acquires 12% stake in Russian fashion brand 12 STOREEZ
12 STOREEZ, one of the fastest-growing brands in Russian fashion, announces that Baring Vostok has purchased a stake in the company. Having acquired a portion of the stake owned by one of the brand’s co-founders, Marina Golomazdina, Baring Vostok is set to become a minority shareholder in 12 STOREEZ once the deal is completed. Baring Vostok’s share will be about 12%. The parties have not disclosed any other details of the transaction.
The addition of Baring Vostok as a shareholder was a logical step in the context of the brand’s outstanding growth, and it reflects a new stage in the development of 12 STOREEZ, which has transformed from a small family business into one of the leading players in the Russian fashion segment. Today, the brand’s stylish and understated clothing is available not only in Russia but also in international markets. In April 2021, 12 STOREEZ became the first Russian partner of the global luxury marketplace Farfetch.
“I recently experienced a joyous event in my life – the birth of a child – so I am planning to focus on my family in the near future. We had been considering the possibility of finding a reliable partner for 12 STOREEZ for a long time, so I decided to sell a small part of my share before going on maternity leave. I’m still a shareholder, a co-founder and a face of 12 STOREEZ. I’m confident that the value of our company will increase even faster with the addition of such a formidable fund, so this deal is a win-win for everyone,” said Marina Golomazdina, co-founder of 12 STOREEZ.
“We made the decision to add a strong strategic partner to support our expansion. Baring Vostok is one of the most pro-entrepreneurial private equity funds in Russia, whose values are fully in line with our own. Baring Vostok invests only in industry leaders, and we are grateful to our partner for their recognition. For 12 STOREEZ, this is validation of the fact that we are heading in the right direction and an indication of the fact that we have entered the premier league of Russian business. It’s also an important step aimed at institutionalizing our business. We are gaining access to essential resources for development that Baring Vostok possesses – an extensive network both inside the country and abroad, expertise in capital markets and practical experience in resolving a wide range of business issues,” added Ivan Khokhlov, co-founder and CEO of 12 STOREEZ.
“We have been familiar with the 12 STOREEZ team for a long time, and we know the brand’s founders well. We’re delighted that Baring Vostok is the first investor in 12 STOREEZ. In just seven years, they managed to transform a small family business into one of the best-known brands in the country, a brand that is very popular among a wide segment of shoppers in Russia and abroad. 12 STOREEZ was one of the first Russian brands that, through its success, not only demonstrated the excellent potential of the domestic fashion segment but also made it clear that it can compete in the global market. Today the brand is already winning over the world’s leading online fashion sites. The company’s impressive annual growth rates, even during the pandemic, are an indication of the soundness of its business strategy and of consumers’ growing demand for new high-quality brands,” said Ekaterina Lukyanova, a partner at Baring Vostok.
About 12 STOREEZ
12 STOREEZ is a Russian casual clothing brand founded in 2014 by the twin sisters Irina and Marina Golomazdina and Ivan Khokhlov. The brand’s idea is to put together a practical, rational wardrobe that can be assembled gradually with the addition of one or two items every season. In seven years, the brand has opened 35 retail stores in 11 Russian cities and one city in Kazakhstan, including three outlet stores, four digital stores and two online stores with warehouses in Russia and Italy. By the end of 2021, the company plans to open up to 26 stores; global expansion is one of the company’s priorities in 2021.
About Baring Vostok
Baring Vostok is a leading private equity fund focusing primarily on the Russian and CIS markets. Long-term investors in Baring Vostok include pension and university funds, sovereign wealth funds, as well as funds of funds from North America, Western Europe, Asia and the Middle East. Over its 27 years in the market, Baring Vostok funds have invested more than USD 3.7 billion in 87 projects in Russia, the CIS and other countries in the region. Its funds’ portfolio companies are first-class Russian companies with leading positions in Russia and abroad, including OZON, Familia, VkusVill, Papa John’s, Solofarm, Skyeng, Viasat and many others.