Mikhail Urzhumtsev has been appointed President of the joint-stock company Melon Fashion Group
On November 26, 2013, at the meeting of the MFG Board of Directors it was decided to appoint Mikhail Urzhumtsev President of the Group from January 15, 2014.Mister Urzhumtsev, who has been heading MFG during the last 8 years, will quit operative management to take up strategic issues of the company's development.
The position of the CEO will be occupied by Polina Bakshaeva, who has previously been director of the procurement and logistics department of the Group. Polina Bakshaeva has graduated from the economics faculty of the St Petersburg university, specializing on the world economy. Additionally, she took a course on international marketing at the Trondheim Business School in Norway.
In 2006, Polina Bakshaeva started working at Melon Fashion Group as procurement manager and then became head of the procurement department. Her ability to cope simaultaneously with multiple tasks, openness to new ideas and other remarkable qualities boosted Polina's sweeping career growth. Very soon she was promoted as head of the production and procurement department to be offered later the position of procurement and logistics director.
"I am sure that this move will make our business development even more efficient. Mikhail will have more time to devote to strategic issues of the Group's expansion on market. There is no doubt that the new CEO will pursue and grow further the management traditions brought to life by Mikhail Urzhumtsev", commented the Chairman of the MFG Board of Directors Kestutis Sasnauskas, CEO of East Capital Private Equity AB.
Under Mikhail Urzhumtsev's leadership, MFG grew its sales from RUR 745 million in 2005 to RUR 8.5 billion in 2012, the number of shops increased from 74 in Russia only to 541 in Russia, Ukraine, Kazakhstan and Belarus. A new, third brand was launched to join the Group brand portfoilio - it is LOVE REPUBLIC.
For your reference: Mikhail Urzhumtsev has worked at the company for more than 20 years. In 1993, Mikhail came to the closed joint-stock company Pervomayskaya Zarya and became customs specialist at the department of international trade relations, then he became head of the company's marketing group. In 1996, he was appointed assistant of the CEO for investor relations. The following year he headed a new company - Kurt Kellermann St Petersburg Ltd. In 2002, he introduced a new fashion brand to the market - it was the start of befree. In 2005, Mikhail Urzhumtsev was appointed CEO of the open joint-stock company Melon Fashion Group, where Pervomyaskaya Zarya moved its fashion business after restructuring.
The OJSC Melon Fashion Group operates befree, ZARINA and LOVE REPUBLIC fashion retail chains. As of November 2, 2013, the company's retail comprises 541 stores, 521 of them in Russia, 17 in Ukraine, 2 in Kazakhstan and 1 store in Belarus. Turnover of the Group in 2012 year amounted to RUR 8.5 billion.