Kingfisher to tap Russian DIY market
Kingfisher, parent of U.K.-based big box home improvement chain B&Q, has announced plans to expand in Russia, according to a report by BBC News.
Kingfisher will open 50 stores in Russia under the Castorama banner over the next 10 years. The company now operates four stores in Russia, with one planned to open next month in Moscow.
The expansion plan is expected to cost 250 million pounds ($511.6 million).
According to the report, Kingfisher said the Russian DIY and home furnishing market is strong and could be worth 10 billion pounds ($20.4 billion), while it is estimated to be growing by 12 percent a year.
Kingfisher operates stores across Europe with banners including B&Q, Castorama, Brico Depot, Screwfix Direct, Trade Depot and Hornbach.