The Saint Petersburg-based fashion conglomerate, known for a stable of brands that includes Zarina, Befree, Love Republic and Sela, increased its revenue by 66 percent year-on-year to 28.3 billion roubles ($380 million) in the first nine months of 2021. Its revenue this year has already exceeded 2020 full-year revenue, the company said in a statement.
Online sales grew 46.1 percent to 8.7 billion roubles ($117 million) through Melon’s own channels and also collaborations with major e-commerce platforms, including Wildberries and Lamoda.
Throughout the pandemic period, the company has been reworking its physical retail network, closing 61 underperforming stores but opening 67 new locations, and now boasts a total of 815 stores.
With Wildberries racing to become Russia’s answer to Amazon, many brands are turning to devoted fashion platforms like Lamoda.ru and Aizel.ru but the local e-commerce market poses many challenges.