Kingfisher to open stores in Russia
Kingfisher, the owner of DIY retailer B&Q, is to expand into Russia and plough Â£115 million worth of investment into the country.
Ian Cheshire, Kingfisher CEO, will make the announcement today when he and a number of other British business leaders visit Moscow alongside prime minister David Cameron.
Kingfisher plans to open nine stores in Russia in a bid to attract the custom of the country’s growing middle classes.
Downing Street is hoping that a number of other business deals will be agreed during the visit. The prime minister is also being accompanied by Bob Dudley, the chief executive officer of BP.
David Cameron is looking to build better relationships with politicians in Moscow during what is the first visit to Russia by a British prime minister since the death of Alexander Litvinenko in 2006.
Kingfisher is Europe’s leading home improvement retail group and the third largest in the world, with 860 stores in eight countries in Europe and Asia.
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