Latvia, Markets and Companies, Retail

"Despite the overall economic situation in Latvia, 2008 was a profitable year for Elvi. We managed to achieve a good turnover increase – almost 17%. We signed several successful contracts with new cooperation partners, and we opened six new stores in Latvia," Grigane said.

"Furthermore, last year we also had successful cooperation with local producers and processing companies. The first two months of this year have also been successful, which proves that, although this is going to be a tough year, we are quite hopeful," Grigane pointed out.

In 2008, Elvi grupa opened six new sales outlets, including three large shopping centers – in Aluksne, Jekabpils and in Balvi.

At the beginning of this year, one of Elvi franchising partners, the company Kolors received the "Gazele" award as the fastest-growing enterprise in Latgale province.

Turnover of Kolors grew 83% last year; it has become one of the three largest Elvi grupa franchising partners.

Talks with several potential cooperation partners are underway, who could join the Elvi network in the near future.

In 2007, the total turnover of Elvi reached LVL 108 million, which was a 40% increase year-on-year. Elvi grupa posted LVL 150,000 in unaudited profit in 2007.