Ex-Lenta Owners to Set Up a Rival Retailer, Kommersant Says

Former Lenta LLC shareholders August Meyer and Dmitri Kostygin are to set up a new retailer to compete with Lenta, Kommersant reported today citing project’s presentation.

The new chain will have 30 shops by 2016 and will be like the U.S. Costco and Sam’s Club stores, the newspaper said.

The partners may invest $250 million in the project, Kommersant said.

Meyer and Kostygin sold 42 percent of Lenta to TPG Capital, European Bank of Reconstruction and Bevelopment and VTB Capital for about $1 billion, Kommersant said.

To contact the reporter on this story: Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.