Joint venture signed between Inchcape plc and Independence ...
Joint venture signed between Inchcape plc and Independence ... Joint venture signed between Inchcape plc and Independence ...
[6 March 2006] Joint venture signed between Inchcape plc and Independence Group for retail and service of Toyota vehicles in high growth Moscow market Inchcape plc (‘Inchcape’ or the ‘Group’) and the Independence Group of Companies (‘Independence’), today announce that they have entered a joint venture for the retail and service of Toyota vehicles in the Moscow region. Two centres for retail and service of Toyota vehicles, which will be newly constructed, will be established by the Joint Venture in the Moscow region and are scheduled to open in the second half of 2007. Toyota is one of the most successful foreign brands in Russia with sales of around 60,000 units in 2005, and a market share of foreign car sales of over 10.0%. The joint venture, which will be 51.0% owned by Inchcape and 49.0% owned by Independence, marks Inchcape’s first entry into the important growth market of Moscow, which has seen the highest growth in Russia over recent years. Moscow currently represents approximately 50.0% of foreign brand sales in Russia. Inchcape is an international automotive retail group, which provides quality representation for its brand partners, a choice of channels to market and products for its retail customers, and a range of business services for its corporate customers. Inchcape's activities include exclusive Import, Distribution and Retail, Business Services, Automotive E-commerce and Financial Services. Its key brand partners include Toyota/Lexus, Subaru, BMW, the Premier Automotive Group of Ford, Mazda, Mercedes-Benz and Volkswagen. Independence is a multi-franchise automotive retail group based in Moscow. It was established in 1992 and has become one of the leading players in the sector in Russia over the last fourteen years with twelve showrooms and six service centres in Moscow. Its current brand portfolio includes Jaguar, Land Rover, Volvo, Volkswagen, Audi, Ford and Mazda. The joint venture will initially invest around US$35.0m in the construction and fit out of the new facilities. The sites will be based to the south east and south west of Moscow where there are currently gaps in the Toyota retail and service network. André Lacroix, Group Chief Executive of Inchcape, commented: “This joint venture with Independence is an important step for Inchcape in its expansion plan for Moscow and the Russian market place. It has been vital for us to find the right opportunity with the right partners, and with this joint venture we have created a strong platform from which to develop a larger presence in Russia over time. Roman Chaikovskiy, Chairman of Independence, commented: “Inchcape is one of the world’s leading car retailers. The Group enjoys a strong long term relationship with Toyota, and we are excited to have this excellent opportunity to partner with Inchcape and retail one of the most successful foreign brands in Russia.”
[6 March 2006]<br />
<strong>Joint</strong> <strong>venture</strong> <strong>signed</strong> <strong>between</strong> <strong>Inchcape</strong> <strong>plc</strong> <strong>and</strong> <strong>Independence</strong> Group for retail<br />
<strong>and</strong> service of Toyota vehicles in high growth Moscow market<br />
<strong>Inchcape</strong> <strong>plc</strong> (‘<strong>Inchcape</strong>’ or the ‘Group’) <strong>and</strong> the <strong>Independence</strong> Group of Companies<br />
(‘<strong>Independence</strong>’), today announce that they have entered a joint <strong>venture</strong> for the retail <strong>and</strong><br />
service of Toyota vehicles in the Moscow region.<br />
Two centres for retail <strong>and</strong> service of Toyota vehicles, which will be newly constructed, will be<br />
established by the <strong>Joint</strong> Venture in the Moscow region <strong>and</strong> are scheduled to open in the<br />
second half of 2007.<br />
Toyota is one of the most successful foreign br<strong>and</strong>s in Russia with sales of around 60,000<br />
units in 2005, <strong>and</strong> a market share of foreign car sales of over 10.0%.<br />
The joint <strong>venture</strong>, which will be 51.0% owned by <strong>Inchcape</strong> <strong>and</strong> 49.0% owned by<br />
<strong>Independence</strong>, marks <strong>Inchcape</strong>’s first entry into the important growth market of Moscow, which<br />
has seen the highest growth in Russia over recent years. Moscow currently represents<br />
approximately 50.0% of foreign br<strong>and</strong> sales in Russia.<br />
<strong>Inchcape</strong> is an international automotive retail group, which provides quality representation for<br />
its br<strong>and</strong> partners, a choice of channels to market <strong>and</strong> products for its retail customers, <strong>and</strong> a<br />
range of business services for its corporate customers. <strong>Inchcape</strong>'s activities include exclusive<br />
Import, Distribution <strong>and</strong> Retail, Business Services, Automotive E-commerce <strong>and</strong> Financial<br />
Services. Its key br<strong>and</strong> partners include Toyota/Lexus, Subaru, BMW, the Premier Automotive<br />
Group of Ford, Mazda, Mercedes-Benz <strong>and</strong> Volkswagen.<br />
<strong>Independence</strong> is a multi-franchise automotive retail group based in Moscow. It was established<br />
in 1992 <strong>and</strong> has become one of the leading players in the sector in Russia over the last<br />
fourteen years with twelve showrooms <strong>and</strong> six service centres in Moscow. Its current br<strong>and</strong><br />
portfolio includes Jaguar, L<strong>and</strong> Rover, Volvo, Volkswagen, Audi, Ford <strong>and</strong> Mazda.<br />
The joint <strong>venture</strong> will initially invest around US$35.0m in the construction <strong>and</strong> fit out of the new<br />
facilities. The sites will be based to the south east <strong>and</strong> south west of Moscow where there are<br />
currently gaps in the Toyota retail <strong>and</strong> service network.<br />
André Lacroix, Group Chief Executive of <strong>Inchcape</strong>, commented:<br />
“This joint <strong>venture</strong> with <strong>Independence</strong> is an important step for <strong>Inchcape</strong> in its expansion plan<br />
for Moscow <strong>and</strong> the Russian market place. It has been vital for us to find the right opportunity<br />
with the right partners, <strong>and</strong> with this joint <strong>venture</strong> we have created a strong platform from<br />
which to develop a larger presence in Russia over time.<br />
Roman Chaikovskiy, Chairman of <strong>Independence</strong>, commented:<br />
“<strong>Inchcape</strong> is one of the world’s leading car retailers. The Group enjoys a strong long term<br />
relationship with Toyota, <strong>and</strong> we are excited to have this excellent opportunity to partner with<br />
<strong>Inchcape</strong> <strong>and</strong> retail one of the most successful foreign br<strong>and</strong>s in Russia.”
Notes to editors<br />
For further information, please contact:<br />
Group Communications, <strong>Inchcape</strong> <strong>plc</strong><br />
020 7546 0022<br />
<strong>Independence</strong> Group (Zolotareva Lyudmila)<br />
+7 499 739 90 20<br />
Hogarth Partnership Limited (John Olsen / Barnaby Fry)<br />
020 7357 9477<br />
For further information, visit us at www.inchcape.com
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