Fix Price
{{Short description|Russian retail chain of variety stores}}
{{Infobox company
|image=Fix Price Logo.png
|website=https://fix-price.com/
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Fix Price is a Russia-based chain of discount variety stores.{{Cite web|title=Fix Price оказалась одним из крупнейших импортеров игрушек в России|url=https://www.rbc.ru/business/15/08/2018/5b72956d9a79479e29580fe0|access-date=2020-12-28|website=РБК|language=ru}}{{Cite news|title=Инвесторов приманят на Fix Price|work=Коммерсантъ|url=https://www.kommersant.ru/doc/3578354|access-date=2020-12-28}} At the end of 2022, the chain of stores consisted of 5,663 stores{{Cite web |date=2023-01-26 |title=Выручка Fix Price выросла в 2022 году на 20,5%, до 277,6 млрд рублей {{!}} Крестьянские ведомости |url=https://kvedomosti.ru/?p=1131872 |access-date=2023-12-03 |website=Крестьянские ведомости {{!}} Наиболее полный ресурс по аграрной информации в России}} in Russia, Belarus, Kazakhstan, Uzbekistan, Latvia, Georgia, Kyrgyzstan, Mongolia and Armenia.{{cite news |title=Russia's Fix Price Group Opens 4,000th Outlet |url=https://www.esmmagazine.com/retail/russias-fix-price-group-opens-4000th-outlet-112276 |access-date=28 December 2020 |publisher=European Supermarket Magazine}} As of October 2023, the company has 6,141 stores.{{Cite web |date=2023-10-16 |title=Fix Price Group получила листинг на Астанинской бирже |url=https://www.rbc.ru/rbcfreenews/652d03699a794706343fc341 |access-date=2023-12-03 |website=РБК |language=ru}}
History
The company was founded in 2007 by Sergei Lomakin and Artem Khachatryan, founders and executives of the former Kopeyka supermarket chain.{{cite news |last1=Aris |first1=Ben |title=Russian crises drive a discount retail boom |url=https://www.intellinews.com/russian-crises-drive-a-discount-retail-boom-195079/ |access-date=28 December 2020 |publisher=bne IntelliNews |date=October 27, 2020}} The trading strategy, brand and design of the Fix Price chain of stores were developed by the British consulting company Campbell Rigg.{{Cite web |date=2023-03-13 |title=Откуда в России появились зарубежные бренды и в чем их секрет |url=https://news.ru/business/otkuda-v-rossii-poyavilis-zarubezhnye-brendy-i-v-chem-ih-sekret/ |website=NEWS.ru |language=ru}}
The first Fix Price store was opened in December 2007.{{Cite web |title=Fix Price |url=https://www.forbes.ru/profile/300027-fix-price |access-date=2023-12-03 |website=Forbes.ru |language=ru}} During 2008, the first 60 Fix Price stores were opened.
In 2014, the chain consisted of 1,543 stores.{{Cite web |date=2014-11-05 |title=Как основатели «Копейки» зарабатывают на товарах по одной цене |url=https://www.rbc.ru/ins/business/05/11/2014/54590a51cbb20f8f86676833 |access-date=2023-12-03 |website=РБК |language=ru}} As of September 2015, the network already included 1,930 stores.{{Cite web |date=2015-09-07 |title=В России появится первая зарубежная сеть магазинов фиксированных цен |url=https://www.rbc.ru/business/07/09/2015/55e9af819a79472a21e131dc |access-date=2023-12-03 |website=РБК |language=ru}} In 2016, the Fix Price network included 2,097 stores, of which about 400 were franchised.
In 2016, the first chain stores were opened in Georgia and Kazakhstan.{{Cite web |title=Магазины «все по 2 лари» |url=https://www.rbc.ru/newspaper/2016/03/30/56fa6c4b9a794784de18418f |access-date=2023-12-03 |website=Газета РБК}}
As of February 2018, the network consisted of 2,510 stores in Russia, as well as several franchise stores in Latvia, Belarus, Kazakhstan, Uzbekistan and Georgia.{{Cite web |date=2018-03-19 |title=Инвесторов приманят на Fix Price |url=https://www.kommersant.ru/doc/3578354 |access-date=2023-12-03 |website=Коммерсантъ |language=ru}} In March 2019, the 3,000th store was opened in Moscow,{{Cite web |last1=Гурджи |first1=Владислав |last2=Анисимова |first2=Алена |date=2019-03-23 |title=Ценные призы и памятные фотографии: Компания Fix Price отпраздновала открытие 3000-го магазина |url=https://360tv.ru/news/obschestvo/tsennye-prizy-i-pamjatnye-fotografii-kompanija-fix-price-otprazdnovala-otkrytie-3000go-magazina/ |access-date=2023-12-03 |website=360°}} at the end of 2019 the Fix Price network included 3,306 stores.
In Russia in 2019, according to Oliver Wyman, the company’s share in the segment of goods at fixed low prices (variety value retail) was 93%.{{Cite web |title=The Bell — деловые новости и аналитика |url=https://thebell.io/ |access-date=2023-12-03 |website=The Bell |language=ru}} In 2020, the network increased by 655 stores,{{Cite web |date=2021-03-05 |title=Все по $9,75 - Fix Price конвертировала успешную бизнес-модель в рекордное IPO. Обобщение |url=https://www.interfax.ru/business/754762 |website=INTERFAX |language=ru}} the total number of company personnel amounted to 32 thousand people.{{Cite web |last=Мамедов |first=Джейхун |title=Как устроен бизнес Fix Price: исследование Inc. |url=https://incrussia.ru/fly/fix-price/ |access-date=2023-12-03 |website=Inc. Russia |language=ru-RU}}
Goldman Sachs Group, Inc acquired a stake in the company in 2020.{{cite news |last1=Khrennikov |first1=Ilya |title=Fix Price to Build on Goldman Backing With London IPO Plan |url=https://finance.yahoo.com/news/russia-fix-price-draws-goldman-072107157.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAANLq8IQ0JdNql42xl9IKGWIjWl_j7s_DUy2uAdN2OzClIzDMJ7YTkOknNsz9DGot11xSq9VUPQ1Yoj2DgGyHcPYAhXzs3_Uhu42dR9eq6jiCKebgeq0WyS-30Z7GE0UD8tKjNryZLYD9AvRBTxEqBKslF3_HAhMSyEIlQ-EJh20D |access-date=28 December 2020 |publisher=Bloomberg |date=November 18, 2020}}
By the end of 2020, Fix Price had revenue of 190 billion rubles ($2.6 billion) in a year.{{Cite web|url=https://www.bloomberg.com/news/articles/2021-03-05/fix-price-raises-1-7-billion-in-russia-s-biggest-ipo-in-decade|title=Fix Price Raises $1.7 Billion in Biggest Russian Retail IPO|date=2021-03-05|publisher=Bloomberg}}
In March 2021, Fix Price held an IPO on the London and Moscow stock exchanges. Investors were offered 21% of the authorized capital of the company (178.4 million global depositary receipts at a price of $9.75 each{{Cite web |title=Russia's Fix Price raises IPO expectations as BlackRock and Qatar back float |url=https://www.ft.com/content/e4008abc-a82e-4448-b97b-427a20203de9 |access-date=2023-12-03 |website=www.ft.com}}). The company raised about $1.7 billion.{{Cite web |date=2021-03-05 |title=Fix Price raises USD2 billion in London in biggest Russian retail IPO |url=https://www.lse.co.uk/news/fix-price-raises-usd2-billion-in-london-in-biggest-russian-retail-ipo-l8egsp8pu4wzbqy.html |website=London South East}} The share of each of the co-founders decreased from 41.66% to 35.43%. Selling shareholders still have a put option for another 26.8 million GDRs. Now Fix Price's capitalization is estimated at $8.3 billion.{{Cite web |date=2021-03-05 |title=Fix Price raises $2bn with London IPO |url=https://www.intellinews.com/fix-price-raises-2bn-with-london-ipo-204686/ |access-date=2023-12-03 |website=www.intellinews.com |language=en}} This is the largest listing of a Russian company in ten years.{{Cite web|url=https://www.morningstar.co.uk/uk/news/AN_1614956704598464800/fix-price-raises-usd2-billion-in-london-in-biggest-russian-retail-ipo.aspx|title=Fix Price raises USD2 billion in London in biggest Russian retail IPO|date=2021-03-05|publisher=Morning Star}}
In July 2021, the chain crossed the mark of 4,600 open stores.{{Cite web |date=2021-07-14 |title=Fix Price открыл 4 600 магазин сети |url=https://www.retail.ru/news/fix-price-otkryl-4-600-magazin-seti-14-iyulya-2021-207031/ |access-date=2023-12-03 |website=Retail.ru |language=ru}}
In September 2021, Samonico Holdings of Marathon group of Alexander Vinokurov disinvested from the capital of Fix Price to sell its 2,98% of shares (25,36 million GDR) with a 10% discount by share of the total of 850 million shares.{{Cite web|url=https://www.interfax.ru/russia/790152|title=Marathon Group выйдет из капитала ритейлера Fix Price|language=ru|date=2021-09-14|publisher=Интерфакс}}
In February 2022, Fix Price Group announced plans to change the company's jurisdiction. Previously, the company was registered in the British Virgin Islands. On June 15, 2022, Fix Price Group received permanent registration in Cyprus.{{Cite news |title=Fix Price получил постоянную регистрацию на Кипре |language=ru |work=Ведомости |url=https://www.vedomosti.ru/business/news/2022/06/15/926725-fix-price-poluchil-registratsiyu |access-date=2023-12-03}}
In September 2022, the chain included 5,462 stores, including 4,855 owned and 607 franchised.{{Cite web |title=Акции FIX Price (FIXP) — цена на сегодня, график стоимости, курс в 2023, последние новости |url=https://www.kommersant.ru/ |access-date=2023-12-03 |website=Коммерсантъ |language=ru}} As of December 31, 2022, Fix Price had 5,663 stores.
In 2023, the company opened its first two stores in Mongolia.{{Cite news |title=Fix Price вышел на рынок Монголии |language=ru |work=Ведомости |url=https://www.vedomosti.ru/business/news/2023/01/17/959425-fix-price-mongolii |access-date=2023-12-03}} As of June 2023, Fix Price had 6,000 stores.{{Cite web |title=Fix Price открыл 6000-й магазин в России |url=https://www.vedomosti.ru/press_releases/2023/06/26/fix-price-otkril-6000-i-magazin-v-rossii |access-date=2023-12-03 |website=Ведомости |language=ru}}
In October 2023, Fix Price Group received listing on the Astana International Exchange (AIX).{{Cite web |date=2023-10-16 |title=Расписки Fix Price начнут торговаться на бирже Астаны |url=https://www.forbes.ru/investicii/498472-raspiski-fix-price-nacnut-torgovat-sa-na-birze-astany |access-date=2023-12-03 |website=Forbes.ru |language=ru}} As of October 2023, the company has 6,141 stores.
On November 9, 2023, Fix Price shareholders voted to change jurisdiction from Cyprus to Kazakhstan.{{Cite web |title=Fix Price shareholders back re-domiciliation to Kazakhstan |url=https://interfax.com/newsroom/top-stories/96356/ |access-date=2023-12-03 |website=interfax.com}}{{Cite web |date=2023-11-09 |title=Акционеры Fix Price проголосовали за редомициляцию с Кипра в Казахстан |url=https://www.forbes.ru/biznes/500144-akcionery-fix-price-progolosovali-za-redomicilaciu-s-kipra-v-kazahstan |access-date=2023-12-03 |website=Forbes.ru |language=ru}}