The volume of the Russian e-commerce market in 2018 amounted to 1.285 trillion rubles, according to the Gaidar Institute for the National Distance Trade Association. According to Data Insight, Wildberries remained the leader in online sales in 2018, while Yulmart dropped nine positions to 17th.
From the presentation it follows that Yulmart needs external investments in the amount of 9 billion rubles, of which 4 billion rubles. they will go to working capital, 3 billion rubles — to “organic growth” and 2 billion rubles — to marketing and advertising. What share in the company an investor can claim is not specified. Yulmart’s revenue in 2018 amounted to 13 billion rubles, but already by the end of 2022 it could increase by almost five times, to 63.2 billion rubles, the company expects. The retailer plans to achieve positive EBITDA by the end of 2021, and net profit by the end of 2022.
The proposed scheme indicates that Dmitry Kostygin lost hope of restoring the value of Yulmart’s business, said Mikhail Burmistrov, CEO of Infoline Analytics. “Unfortunately, we can state that the moment has been missed for Yulmart. Both the moment of entering the IPO and the moment of a profitable sale, when potential buyers did not have or did not have enough logistics infrastructure, ”he explains. According to him, the option of entering Sberbank’s business into Ulmart was previously discussed - to use the infrastructure within the Yandex.Market JV, but the JV has already opened a third warehouse, he does not need Ulmart’s assets, like Wildberries or Ozon. Yulmart’s infrastructure is set up for an annual turnover of 60 billion rubles, otherwise the company will incur losses, Mr. Burmistrov believes.
Yulmart still has very decent positions and a loyal customer base with 4 million visits per month, it is definitely included in the top 50 in online retail, says Alexey Fedorov, managing director of the 220 Volt network. According to him, with investments of 2-3 billion rubles, mainly in marketing, Yulmart has a chance to enter the top 10. “There are a large number of funds that are ready to invest such money in Internet projects. Another thing is that now projects are evaluated on the basis of profit, and not the turnover that Yulmart used to catch up, ”Mr. Fedorov argues, summarizing that few people consider projects with a negative EBITDA in Russia.
After the release of the material, Mikhail Vasinkevich told Kommersant that “in recent months there have been attempts to resolve all existing disputes, a document has been developed and agreed on to resolve them.” According to him, a number of persons signed it, including Mr. Vasinkevich himself, however, “at the very last moment, August Mayer and his controlled persons refused” to sign it.