LetterOne (L1, manages the assets of Alfa Group by Mikhail Fridman and partners) creates a branch of L1 Retail for investing in the retail sector.
L1 Retail is ready to invest up to $3 billion in retailers, which have the potential to become leaders in their segments of the markets, the statement released by LetterOne says.
The company is seeking companies for investments in Europe and the UK as well as in emerging markets, except for Russia.
L1 Retail’s management team, which is to be based in London, will be led by Stephen DuCharme, former CEO of X5 Retail Group, who currently heads the Supervisory Board of the retailer.
“Over the course of more than 20 years, we have been creating the largest food retailer in Russia. Our goal is to use our expertise for investments in retailers of new generation at international level”, - said the founder of the L1 Mikhail Fridman.
As a reference, Mikhail Fridman is a Russian entrepreneur, business executive, and philanthropist, with Russian and Israeli citizenship.