Sistema redomiciles parent company of clothing retailer Concept Group to Russia

MOSCOW. Nov 29 (Interfax) - The Cyprus-based holding structure of clothing retailer Concept Group has been redomiciled to a special administrative district in Kaliningrad under the name of Rangecroft ILLC, according to data from the Unified State Register of Legal Entities and the special administrative region (SAR) management company.

According to the Unified State Register of Legal Entities, the ILLC was registered on November 28 as a result of the redomiciliation of Rangecroft Limited. The general director of the company is Stepan Zaitsev.

Rangecroft Limited is the 100% owner of Concept Group LLC, a clothing retailer that is part of Sistema's asset portfolio.

"This company [Rangecroft ILLC] is registered as part of the Concept Group redomiciliation process," Sistema told Interfax.

Concept Group (Concept Group LLC) has been operating since 2005 and is one of the leading manufacturers and federal retailers in the clothing segment with business localization in St. Petersburg. Concept Group's portfolio includes Acoola (children's clothing and accessories), Concept Club (women's clothing and accessories) and Infinity Lingerie (women's underwear) brands. Concept Group's federal retail and franchise network includes 267 stores, of which 100 were opened in 2023.

According to the SPARK-Interfax system, Concept Group's revenue in 2022 amounted to 6.4 billion rubles, down 13% from 2021. Net losses amounted to 613.3 million rubles.