MIKHAIL URZHUMTSEV WILL RESUME HIS POSITION AS GENERAL DIRECTOR OF MELON FASHION GROUP

30.09.2015

On 1 October 2015, Mikhail Urzhumtsev, President of the public joint-stock company Melon Fashion Group, resumes his position as CEO. Thus, he will combine operational management and strategic leadership of the Group.

It is appropriate to recollect that Mikhail Urzhumtsev has worked for this company more than twenty years now. In 1993, after graduation, he came to Pervomayskaya Zarya and started his work as customs specialist at the foreign economic relations department, then he became head of the marketing group. In 1996, Mikhail became assistant to the CEO Galina Sintsova, responsible for investor relations. The following year saw him as director of the fashion company named Kurt Kellermann-St. Petersburg Ltd., a new subsidiary of Pervomayskaya Zarya. In 2002, a new fashion brand – befree was launched under Mikhail’s leadership. In 2005, Mikhail Urzhumtsev was appointed CEO of the newly-born Melon Fashion Group, a fashion spin-off of the reorganized Pervomayskaya Zarya. In 2014, he was appointed President of the Group.

Kestutis Sasnauskas, CEO of Melon Fashion Group since January 2015, resigns from this position and continues his work in the capacity of CEO of East Capital Private Equity & Real Estate AB (Sweden). In spite of this change, Kestutis will participate in and contribute to the company’s development as member of the MFG Board of Directors, where he represents one of the main shareholders – East Capital Group (Sweden).

“Kestutis is an experienced financier, he became CEO at a difficult time and managed to stabilize the financial position of the Group, comments David Kellermann, Chairman of the MFG Board of Directors. Melon Fashion Group led by Kestutis Sasnauskas posted 23% growth of revenues over the first six months of 2015 as compared with the same period previous year. The Group’s credits have been reduced by 85% against January 2015, practically eliminating the Company’s  dependence on external financing!”

«As of now, I consider my mission fulfilled, and I hand this position over to Mikhail Urzhumtsev with confidence in future, comments Kestutis Sasnauskas. Mikhail has a stronger competence in retail and knows well all the peculiarities of this business from the inside”.

 

For reference:

The PJSC Melon Fashion Group operates three fashion brands: befree, ZARINA and LOVE REPUBLIC. The Company runs full cycle of the fashion business from design through production and buying to distribution, sales and marketing of women’s and men’s clothing, shoes and accessories.

As of 1 September 2015, MFG operates 642 stores. 611 stores are in Russia (496 belong to the Company’s own retail and 115 are franchise stores). 18 stores operate in Ukraine, 7 stores are open in Kazakhstan, 4 stores in Belarus, 1 in Armenia and 1 store operates in Georgia.

East Capital Explorer AB (Sweden) owns its stake in the MFG charter capital through its 100% -owned subsidiary Humarito Limited.


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