Gloria Jeans CEO becomes shareholder of co

ROSTOV. Sept 24 (Interfax) - The CEO of Gloria Jeans, Maxim Basov has become a minority shareholder of the Russian clothing maker and retailer.

As of September 20, Basov owns 1% of VVM Investments LLC, which in turn owns JSC Gloria Jeans and JSC Gloria Jeans Corporation. The other 99% of the holding company is owned by the private fund of Gloria Jeans board chairman Vladimir Melnikov. The fund was established on May 15, 2024 and VVM Investments, which was previously owned directly by Melnikov, was transferred to it in July.

"The allocation of 1% of VVM Investments to the chief executive of Gloria Jeans is part of initial agreements, the conditions of which are confidential. Their further realization will depend on the company's realization of ambitious goals," Melnikov said.

Basov, who previously headed agribusiness group Rusagro and coal and energy group SUEK, was appointed CEO of Gloria Jeans in June 2024. He also joined the company's board of directors.

Gloria Jeans designs, manufactures and sells clothing and accessories. The company has a chain of more than 600 stores in over 300 cities, as well as three logistics centers in Novosibirsk, Podolsk and Rostov Region. JSC Gloria Jeans sells men's, women's and children's clothing, while JSC Gloria Jeans Corporation makes clothing.

VVM Investments was founded in Rostov in 2014.