Latvia, Lithuania, Markets and Companies

International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 12:35

Lithuania's Utenos Trikotazas sells Latvian subsidiary

BC, Vilnius, 09.07.2020.Print version
Utenos Trikotazas (Utena Knitwear), Lithuania's largest knitwear manufacturer operated by SBA concern, has sold its Latvia’s subsidiary Utenas Trikotaza, reported LETA/BNS.

The buyer, a private investor, plans to open the first franchised specialty store of Utenos Trikotazas in Daugavpils, Utenos Trikotazas said in a stock exchange release.


Franchising, as a model for the development of retail network, had been chosen due to its possibilities for more rapid expansion and cost effectiveness of business administration, Utenos Trikotazas CEO Petras Jasinskas said.


“Given that we export the bulk of our products and the company’s main capacities are focused on contractual production, franchising helps be more effective in distributing our resources and ensure sustainable development of the retail network,” he added.


The majority of current 18 stores of Utenos Trikotazas in Lithuania operate under franchising arrangements.


Utenos Trikotazas is listed on the Secondary List of the Nasdaq Vilnius stock exchange.







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