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Russian jewelry holding expects 41% growth of turnover in 2024

"We have progress at present slightly better than planned," CEO of the Russian jewelry holding Nikolay Polyakov said

MOSCOW, August 6. /TASS/. Sokolov expects that the company’s turnover will grow to about 72 bln rubles ($836.5 mln) (with VAT) as of the end of this year, CEO of the Russian jewelry holding Nikolay Polyakov told reporters.

"We understand from current trends, from the current situation that we will most probably end [the year of 2024 with the turnover - TASS] with VAT at the level of 72 bln [rubles - TASS]. We have progress at present slightly better than planned," Polyakov said.

The turnover of the jewelry retailer stood at 51 bln rubles ($592.9 mln) with VAT in 2023. Therefore, the turnover will surge by about 41% when increasing the turnover to 72 bln rubles. Sokolov’s turnover soared by 42% annually during first six months of 2024 to 28.1 bln rubles ($326.4 mln).

The company plans that the number of stores (including franchisees) will reach 1,000 as of the end of this year. Sokolov's retail chain comprised 650 points of sale with franchisees as of the end of 2023.

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