Baltic, Latvia, Markets and Companies, Retail

International Internet Magazine. Baltic States news & analytics Monday, 22.07.2019, 19:37

Baltic clothes retailer Apranga sets up subsidiary in Latvia

BC, Riga, 21.03.2019.Print version
Apranga, the Baltics' leading clothing retailer, has established a subsidiary company in Latvia, named Apranga HLV, to operate Zara Home stores in the neighboring country, company said in a stock exchange release.

"The first Zara Home store opening in Latvia is expected in the second half of 2019 in the shopping center Alfa in Riga," the Vilnius-based company said.


Apranga CEO Rimantas Perveneckas said in early March that the company was overhauling its retail chain in Latvia.  


"We are doing 25 new projects in Riga and expect robust growth in that country as early as this fall," he told.  

 

The CEO said Apranga had closed 15% of its retail space in Latvia in recent months.


Apranga's total retail sales rose by 4.8% in the first two months of 2019 from a year ago to reach 32.1 mln euros, including VAT, but its Latvian sales fell by 6.7%. 


The company, which is controlled by MG Baltic, one of Lithuania's biggest business groups, is listed on the blue-chip Main List of the Nasdaq Vilnius Stock Exchange.

 






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