Oleg Yakovlev, ex-co-owner of Eldorado: “At first they fed me with money, and then they didn’t need me. The founder of "Eldorado" creates a network of shoe stores Alexey for any founder of the Eldorado company
The ex-head of the Banana-Mama Group of Companies, and now a seller in a GAP store in the United States, hiding from Interpol, accuses Alfa-Bank of falsifying charges
The original of this material© Vedomosti, 10/04/2013, For help to Fridman, Photo: Kommersant
[Forbes.ru, 03.10.2013, "The former co-owner of Eldorado complained to Fridman about Alfa-Bank" mother" Oleg Yakovlev addressed on his Facebook page to the Chairman of the Supervisory Board of Alfa Group Mikhail Fridman(#2 in rating of "The richest businessmen of Russia" according to Forbes, the state is $ 16.5 billion) with a request to help stop "public insults and pressure" from Alfa-Bank employees. - Inset K.ru]
Oleg Yakovlev has been hiding from the Russian authorities for the fourth year - he is accused of fraud on an especially large scale. The Banana-Mama network before the crisis consisted of almost 80 children's goods stores, Yakovlev owned 57% of it. In 2008, "Banana Mom" had financial difficulties: banks began to demand early repayment of loans. This affected the financial stability of the company. As a Vedomosti source close to Alfa-Bank said at the time, in 2008 it issued various types of loan products to the companies of the Banana-Mama group for $18 million […]
As Yakovlev wrote to Vedomosti, Alfa-Bank was considering the possibility of obtaining his debt in another way. In 2008, another asset associated with Yakovlev was going through a difficult period - household appliances retailer Eldorado. Oleg Yakovlev created the Eldorado network together with his brother Igor Yakovlev; Igor Yakovlev was its main owner. Oleg Yakovlev writes that he was de facto a co-owner of Eldorado until 2003, but de jure - until 2012, when his brother sold Eldorado to the PPF group: “No one could understand who the companies were registered for - for his brother or me."
In 2008, tax authorities filed claims against Eldorado, which led to “numerous searches and pressure,” Yakovlev claims. According to him, he was offered to testify against his brother. […]
In he urges Friedman to "intervene" and help "in bringing justice." Yakovlev is on the international wanted list on suspicion of major fraud, according to the Interpol website. He was put on the wanted list on charges of embezzling money from Alfa-Bank in 2011, after he was charged in absentia under Part 4 of Art. 159 of the Criminal Code.
Friedman did not respond to Vedomosti's request. Yakovlev is a major borrower and debtor of the bank, and current work is underway with him to collect debts within the framework of the law, “criminal proceedings are underway on his debts - law enforcement agencies are dealing with this issue,” a representative of Alfa-Bank said.
Oleg Yakovlev: an employee of your bank offered me to transfer all 100% of Banana-Mama shares in exchange for the removal of a $15 million debt guarantee from me
The original of this material© Oleg Yakovlev , 03.10.2013
Dear Mikhail Maratovich!
First of all, I want to personally thank you for giving me financial support in the past in creating and developing successful retail chains in Russia, such as Eldorado, Banana-Mama, and LOOK. Since 2007, Alfa-Bank has been a permanent business partner of the projects I managed. And I note that this cooperation was mutually beneficial. Alfa-Bank, by providing loans, contributed to the increase in the value of my company, which always repaid them in a timely manner, as well as paid interest on turnover. One of the conditions for our cooperation with Alfa-Bank was to transfer all the stores' revenue through it, which, in my opinion, can be considered a sign of our mutual trust. I believe that in all ten years of my partnership with Alfa-Bank, I have never given you a reason to doubt my decency, the honesty of my intentions and goals.
In 2003, having left the founders and shareholders of the Eldorado company, I invested the $ 5 million received as a result of the transaction in my new projects - "LOOK" and "Banana-Mama". It was all my money. As a result, they became the fastest growing and most successful in the market in their industries. The value of the company "LOOK" at the beginning of 2008 already reached $90 million and there was an offer for purchase by the Safilo group. Passed through the stagecoach for 6 months, but the searches "from the outside" did their job.
"Banana-Mama" became the leader in the children's goods market in 4 years - during this period, its annual turnover increased from zero to $450 million. We were the first to import children's goods into Russia legally, through customs, which, I believe, radically changed the entire pricing policy in the regions in this segment. We set prices that are affordable to buyers. We have shown everyone that the possibilities of this market are practically unlimited if you work on it in an organized and civilized manner. I personally created all the regional offices and logistics in them. A strong team worked with me, including highly qualified foreign management invited from leading global companies such as Tesko, Toys R US, Topshop, Best Buy, logistics TNT and DHL, financial Deloiit. We were faced with the task of significantly increasing the value of the company, improving P&L indicators due to the turnover of goods, reducing the debt burden and bringing the company to an IPO. We've done it successfully.
I was the founder and at the same time worked directly in the stores themselves, in warehouses, even as a seller on weekends, I spent a lot of time in the regions, because my company was sincerely not indifferent to me. I kept my finger on the pulse of everything that happened in it, as I was interested in its speedy success. I can say that I not only invested all my capital in the company, but also all of myself.
In 2007, tax authorities filed claims against Eldorado, which led to numerous searches and pressure on me from law enforcement agencies to testify against my brother. In 2008, with the onset of the global financial crisis, and also because of questions to Eldorado, some banks began to demand early repayment of their loans, which naturally seriously affected the financial stability of companies. Since they were all growing and heavily leveraged investments were made in new stores. At the same time, the investment department of Alfa-Bank suggested that we replace the loan portfolio with Banana-Mama shares. We have been negotiating daily for more than 10 months on the new ownership structure of Banana-Mama with the participation of Alfa-Bank. All third-party investment companies involved in these negotiations were refused by the Bank's employees to attend them. Meeting dates changed from time to time. This despite the fact that the current situation required prompt solutions.
Then the management of "Banana-Mama" developed its own plan for the financial stabilization of the company without attracting additional funds - closing some stores, reducing costs and managing cash flows based on the current situation. But representatives of the investment department of the bank during regular negotiations made it clear to us that any structural changes in the company will automatically entail the cancellation of the entire transaction.
Why everything happened this way and not otherwise, it became clear to me much later.
In February 2009, at about 11 a.m., I was invited for a conversation by an employee of your bank, in which he offered me to transfer all 100% of Banana-Mama shares in exchange for the removal of a $ 15 million debt guarantee from me. I was ready for such an offer. He explained that I had debt obligations not only to Alfa-Bank, but, in particular, to Troika Dialog, which helped me in supporting the activities of my company, and did their work professionally and efficiently. In the end, I refused the offer made to me to transfer the shares.
At that moment, I felt a strong pressure, which continues to this day. It lasts almost five years.
An “attack” began on me from all possible sides. Interrogations every day in law enforcement, the requirement to testify against my relatives and my brother, those who ran the Eldorado, including against me. I was forced to leave the country, to give up everything, for the sake of the safety of myself and my children, because I was aware of the injustice of the situation, but I did not have the opportunity to defend myself against the actions of the Alfa-Bank Security Service. The day after my departure from Russia, about 15 people in masks and with machine guns broke into the apartment where I lived with my children through the window. They introduced themselves as law enforcement officers. As I found out later, documents about my supposedly fraudulent actions, provided by Alfa-Bank, appeared from somewhere, clearly falsified, and unfounded accusations of “withdrawal” of assets. All these actions were taken by Alfa-Bank, not taking into account the fact that our cooperation brought him hundreds of millions of dollars over ten years of joint work!
Today Alfa-Bank's security service continues to harass my acquaintances and interrogate them. In the house at my registration address, leaflets with my photo and the caption under it “Beware, Fraudster!” are pasted in each entrance. (Copies of leaflets are at my disposal, I am ready to provide them). Searches are being carried out in the apartment of my mother and relatives. Every step I take is tracked. Law enforcement agencies and Interpol at the time of the signing of the Eldorado deal are increasing their pressure, as if not realizing that the property documents for the distribution network are formally drawn up for me - exactly a week before the Eldorado and PPF deal is signed, the media, as if by chance, give reports about that I am accused of fraud.
Of course, now it is already obvious to me that by their actions the investment department and the security service of Alfa-Bank did not bring any benefit to either the bank itself or anyone personally. Although I would like to believe that the employees of the Bank tried to protect the interests of their company. Or maybe it gave some advantages in terms of the effective development of Alfa Group's parallel businesses in retail, for example, X5?
The total turnover of my companies over 10 years amounted to more than $13 billion. Moreover, Alfa-Bank has always had a dominant package of the loan portfolio, under the obligations of transactions through the Bank, which allowed it to earn over $150 million. Revenue and financial flows went in the amount of 40% through Alfa- bank, which amounted to more than $6.5 billion. Commissions from turnover were taken in the amount of up to 2% (more than $120 million). Commissions on loans for the entire period of cooperation amounted to more than $120 million (interest rate from 11-12% in the first years of partnership and up to 8% in 2007-2008). In total, Alfa-Bank earned more than $200 million from companies where I was the founder.
The $15 million that your employees accuse me of not paying is far from the figures for which I was liable. And if the Bank staff, especially the Security Service, are right that I am a fraud, then why am I now working abroad in a store as a simple salesman for $7 dollars an hour, trying to at least provide for my children, whom I am raising alone?
Mikhail Maratovich, I apologize to you that I have to contact you through social networks. I am not sure that if you write a letter to you directly, your employees will miss my appeal to you.
Believe me, I have never stolen anything from anyone, I have never withdrawn assets anywhere. I didn’t even think about it, so I didn’t save money for a rainy day. I was focused on work. I worked around the clock. I am ready to collect more than tens of thousands of signatures under this appeal from my former colleagues in Russia, with whom I worked directly. He worked not sitting in the office, but in the "field". From the age of 13, I got used to earning money only with my own labor. Mikhail Maratovich, I beg you to intervene in the situation and help me in establishing justice. To help your employees stop public insults and pressure against me. If I am guilty, I am ready to be punished before the law - if they prove my guilt objectively and without pressure, that I caused the damage intentionally and there were fraudulent actions on my part! I am open to dialogue.
Yours sincerely,
Oleg Yakovlev
References
Eldorado: from 1997 to 2007, the turnover amounted to more than $15 billion. I was a co-owner of the network until 2003, a nominal founder - until July 2012, the moment the deal with PPF was concluded.
Banana Mom: From 2004 to 2008, the cumulative turnover was $ 1 billion. Original of this material
© "RBC daily", 03.10.2013
Oleg Yakovlev, ex-co-owner of Eldorado: “At first they fed me with money, and then they didn’t need me”
Anna LevinskayaI'm used to the fact that when I understand the ultimate goal, it's easier to go to it. My goal is for them to leave me alone, as well as my safety. Because it is difficult to live in such tension. I was always ready for dialogue, everything can be settled and move on. After all, we have 20 years of experience in building retail in Russia. I went to the regions, opened stores and built logistics. Moscow businessmen were afraid to go to the regions in the 90s, because those years were very difficult. There were no rules of the game. I went because I myself am a regional - I was born in Dagestan. Now I want peace and the opportunity to realize myself further.
- And why did you decide to contact Mikhail Fridman right now?
For three years I was depressed: it's not easy to lose everything and be left with nothing. It's not about the money - I lived it. Plus, I had to transport the children for whom I had previously created other conditions. Now my team says that everything, it's time to wake up, recover.
- By your team, who do you mean?
People whom I once invited to Eldorado, Banana-Mama. We walked together, studied together. They support me financially too. Such an irony of fate.
That is, if you manage to resolve the conflict with Alfa-Bank, are you ready to return and do business in Russia again?
Of course, and not only in Russia. In general, be useful for all financial structures that accompany retail. I know all the pitfalls. I have been working as a salesperson in a store for more than two years now, and now I am not interested in the office itself, but in how the head structure of strong companies brings their strategic decisions to the grassroots. How do they achieve their goals. This has always been a problem for me and, of course, for the entire Russian market. Because the business culture is still being formed. I also formed it. Many retailers know how to make money, but it's important to understand where you're going and what the company's values are. […]
- Where do you work now?
Now I can talk about it to everyone. Previously, I saw publications in the media, but could not respond to them. I was asked to keep quiet by ex-business partners, fearing that things could only get worse for them. I work for GAP, I am a part-time employee. I have such a schedule that sometimes I work from four, sometimes from six. […]
- Let's get back to the letter. Do you really think that Mikhail Fridman might not have known what was going on?
I can only guess that he is being given distorted information.
- Why do you think the bank employees need it?
Hide their mistakes that they made during negotiations both with my top management and with other companies. For example, Paul Clark, in a year and a half of management, strengthened the qualitative results of the company's value without additional investments. If I were focused on how financial predators behave, I would behave accordingly. But I had no time to do it - I worked. He fought off the tax authorities, who obviously worked on order, and leveled and stabilized the work of the company. I saw the unfairness of the negotiations: how Alfa made it clear to other investment companies that they should not meddle in my company. And they acted with me with the same methods: they called me in a cafe closer to midnight, leaving no other options (except for the transfer of 100% of the shares of Banana-Mama. - RBC daily), not taking into account that I have obligations to Troika Dialog » and obligations to suppliers. I asked to keep only 10% for me. Let them control, but I know this business.
- Did you manage to record the conversation at this meeting?
No, it was unexpected. There were no claims before. I was offended that I brought so much money to the bank, and they smear me instead of resolving the issue. As I understand it, the Eldorado was just being cut, and I got involved in it only because I was Igor's brother (Igor Yakovlev is another creator of Eldorado, Oleg Yakovlev's older brother. - RBC daily).
- What is the name of the Alfa-Bank employee who met with you then?
We were handled by Oleg Dektyar (RBC daily was told in Alfa-bank that now a person with such a surname does not work in the bank, and promised to find out if he worked before). The sensations from the negotiations were as follows: you find yourself in a long train, and the carriages with conductors are changed for you, because there was a frequent change of responsible persons. Moreover, at that time they had two investment departments, both competing with each other.
- Have you contacted the authorities to deal with this situation?
Yes, I wrote letters to the Ministry of Internal Affairs, the Prosecutor General's Office, the President's Office, but received formal replies. Or an invitation to come and testify against Igor, to talk about his influence on the processes in the company. It is clear that by imprisoning me, it would be easier to extort money from my brother.
- How much do you value your debt obligations to Troika Dialog?
Honestly, I'm not ready to name this figure now. I remember that something was partially paid, partially frozen.
- That is, there is no conflict situation?
No, but I am indebted to them and I am ready to work off this money, bringing them a profit. Arms, legs and head.
- How much did you bring to Alfa-Bank?
I calculated everything, and they can check it on their cash registers. The cost of transactions is up to 2% of the company's turnover (all payments by Mr. Yakovlev's retail chains, according to him, went through Alfa-Bank. - RBC daily). I can post all the docs, but that's stupid. The bank sees them. Plus, loan servicing, which reached 18% for 364 days. You see the results of my company. They came to me and said, "Here's $10 million, how many more stores can you open?" At first they fed me with money when I opened a business, and then, when the business grew, they no longer needed me. This is nonsense, of course, compared to another fat piece, but I just fell between them. Plus, they demanded to testify against Igor, I could not agree to this. Although they knew to the end that the shares were subscribed to me.
- What is with Igor Yakovlev now?
He's good, he was able to negotiate. I wouldn't say very good, but he was able to get out safely and they paid something. Only not Alpha, but PPF.
- Do you communicate with him?
Yes, but only as a family. We don't talk about business.
Both in the letter and at the beginning of our conversation, you mentioned that the pressure from Alpha continues. What is it expressed in?
They can’t calm down in any way, they constantly run to Interpol. Flyers are posted in the house where I am registered. Conduct searches at the mother. And other things, I would not like to tell now. I know their methods.
- What are Alfa-Bank's official claims against you now?
They accuse me of stripping assets and damaging the company with my actions. Although we, on the contrary, tried to cut the bones, to correct the situation. How else could the asset be offered to the market.
- How much do they think you withdrew?
I dont know. I didn't have the money to hire a lawyer and challenge their actions.
- Is there any reaction to your letter?
Several hours have passed, representatives of Alfa-Bank know my phone number and other contacts, but so far there has been no response. […]
20.01.2012
Igor Yakovlev, the founder of Eldorado, one of Russia's largest household appliance chains, has taken up a new business: as Kommersant found out, he is investing about $150 million in creating a network of inexpensive Kari shoe stores in Russia, Poland, Kazakhstan and Ukraine. Until the end of 2012 alone, 150 outlets should be opened.
The top manager of the Moscow shoe chain spoke about the new project. According to him, Kari stores will sell women's and men's shoes under their own brands, made to order. Kari LLC became the operator, the ex-finance director of Eldorado Ukraine Valentin Dmitriev headed the company, Igor Yakovlev confirmed to Kommersant.
He plans to invest about $150 million in the shoe business in the first year. "Affordable footwear" stores will open in Russia, Poland, Ukraine and Kazakhstan, the first points will appear in July, by the end of the year there should be 150 "if suitable premises can be found" (about half in Russia). The area will average 300 square meters. m. The order for the first batch has already been placed in China. "I considered different directions of retail, but I believed in this particular project," said Mr. Yakovlev.
Igor Yakovlev has been eyeing new projects since 2009, his friends say. Then he lost control of Eldorado: the Czech PPF and the Italian Generali signed an agreement to convert part of the network's loan (approximately $300 million out of $500 million) into a controlling stake (50% plus 1 share) and a stake in Mr. Yakovlev's development projects - Advantage Group and Real Estate Development. In September 2011, Mr. Yakovlev sold the remaining 50% stake in Eldorado to PPF: the group reported that the entire network was valued at $500 million for the deal. After that, he retained the ownership of the Eldorado business in Ukraine (91 stores) and 51% of the largest network of household appliances in Kazakhstan "Sulpak".
The businessman has been interested in shoe retail since about the spring of 2011: he was negotiating the purchase of the Obuv.com chain (about 50 stores), market participants said, but the deal did not take place, says one of the sources.
According to Euromonitor, the footwear market in Russia grew by 16.5% in 2010, to $18.7 billion; The market capacity in Ukraine, Kazakhstan and Poland is much smaller: according to Euromonitor, $1.78 billion, $998 million and $2.85 billion in 2010, respectively. The Ukrainian market is growing fastest of all - by 18% annually, the Polish market is the slowest (less than 2%). All four markets are weakly consolidated. In Russia, the leader is the Tsentrobuv chain (more than 500 stores) with a share of only 3.8% in 2010, followed by sports shoes retailers Adidas (2.4%) and Nike (1.4%). In Poland, the largest network NG2 has only 4.4% of the local market, in Ukraine, the Intertop operator has 10%.
Andrey Nesterov, CEO of Tsentrobuv, warns that clothing and footwear retail is different from selling household appliances or food: experience plays a big role in building successful collections. But the shoe business has a high margin: "Tsentrobuv" in 2010 showed an EBITDA margin of 20-22%. For the largest grocery retailers, this indicator in 2011 does not exceed 8%; for household appliances and electronics networks in the first half of 2011, it was slightly above 4%.
Kristina Busko, Pavel Belavin, Ksenia Shamakina, Newspaper "Kommersant"
Igor Yakovlev, founder and main owner of the largest Russian retailer Eldorado was born in 1965.
Educated at the Dagestan Polytechnic Institute and St. Petersburg University of the Ministry of Internal Affairs of the Russian Federation.
Colleagues and business partners characterize Yakovlev as an extremely tough and demanding businessman. But they admit that it was thanks to these qualities of the founder of Eldorado that this chain has turned from two small stores in Moscow and Saratov into the largest Russian non-food retailer. In 2007, the company's turnover approached $6 billion. For comparison, Euroset traded $5.6 billion.
The first store of the company was opened in 1994 in Samara - it is from this moment that the success story of Eldorado begins.
More than 1,100 household appliances stores and 387 communication stores operate under the Eldorado and ETO brand in Russia and Ukraine. The trading network of Sulpak in Kazakhstan is developing.
For more than 15 years, Igor Yakovlev has been the permanent president and leader of the company. His inexhaustible energy, activity and high professionalism of the team he assembled made Eldorado one of the leaders.
Igor Yakovlev "Eldorado" is absolutely not like the character from the commercial of his network. The virtual boss competed in masculinity with Batman and went berserk from the lack of understanding by employees of the benefits of "zero" credit. The real chef - forty-year-old Igor Yakovlev - is modest and therefore not public. The founder of the largest company in Russia and Ukraine selling household appliances and electronics, avoids journalists. “I have only given one interview in my life, and everyone knows that I am not a public person. Not because I don't like the press. We just decided that,” he says. However, judging by the reviews of colleagues and competitors, the screen image quite accurately conveys the charisma of the chief of Eldorado, which manifests itself when he is directly involved in business.
Even partners who know Igor Yakovlev closely are sure that he is a former military man. The company itself denies this. Like many retail chains (regardless of specialization), "Eldorado" rose in the wholesale of household appliances and electronics. Little is known about the first steps in the business of Igor Yakovlev and his brother Oleg, who has been involved in the management of the company for a long time. For example, that they really started from scratch and really achieved everything without having any financial-industrial group behind their backs. Yakovlev was one of the first on the market to figure out how to minimize the costs associated with customs and the delivery of goods from Domodedovo to Moscow and other settlements. In the early 1990s, charging a truck at every post was a common practice. They say that, having calculated how much the fees from the car cost, Yakovlev began to hire escorts for the convoy - employees of the same bodies, with the same flashing lights. Delivery of trucks with imported equipment under their escort was much cheaper.
Savings on everything, which became a distinctive feature of the positioning of the Eldorado chain, was dictated at that time not by managerial genius, but by a lack of funds. Just like the regional start. Yakovlev admits that if there were big money behind him, the network would be replicated from the capital. It was in Moscow in 1994 that the first store of the company with an area of 10 sq. m, which worked for a year - it could not compete with larger players, and the owners decided to completely switch to wholesale. The lion's share of orders fell on the regions. The wholesale warehouses of the company that opened there became the basis for the regional development of the retail network. The founding fathers themselves traveled around the cities and controlled everything. Store managers were always sought after among the locals.
“It seems to me that it is the down-to-earthness of Yakovlev and his company that allows it to grow in breadth,” says Alexander Plyatsevoi, president of the RATEK Association of Trading Companies and Producers of Electrical Household and Computer Equipment. - Even the start of the company from the regions is explained not only by the fact that there was a free market there, but also by Igor's rationalism. His firm grew from the bottom up. Opening a store in the region in the early 1990s was ten times cheaper than in Moscow. The largest store in Novosibirsk - 1000 sq. m - "Eldorado" then built for $ 40,000, the sellers themselves painted the walls. In Moscow, it would cost at least $1 million.”
In the August crisis of 1998, Yakovlev bluntly reduced the staff of managers by four times - five managers began to work for 22. In December 1998, he again tried to enter the capital, buying three Mikrodin stores in Moscow (subsequently sold due to poor location ). In 1999, taking advantage of falling real estate prices, the company made a breakthrough - five years after the start of the business, Eldorado already had 74 stores, $ 120 million in turnover and an expensive information system that allowed managing geographically dispersed business units.
The speed of development was largely due to the nature of Yakovlev himself. “He is a very dynamic person, his company is the fastest growing on the market, always the fastest in everything,” says Yevgeny Kabanov, co-owner and general director of the Mir network, about a competitor.
As an example of the efficiency of decision-making in Eldorado, Alexander Plyatseva cites the story of one of the managers who participated in the opening of more than 100 Eldorado stores. He moved to another company, a week later the new CEO called him with the question: “Are you at war?” “In Eldorado, the pace is as follows: a meeting began at six in the evening, a decision was made at eight, at six in the morning of the next day a person is already flying to the city chosen at the meeting, and two days later he brings the contract for the premises,” explains the president of the RATEK association.
Forward to success
Since 2001, the company began to develop even faster - Igor Yakovlev initiated the start of a franchise program. Yakovlev decided that it was not advisable to open his own stores in cities with a population of less than 200,000 inhabitants, but they should not be ignored either, especially since there is an Eldorado warehouse at a distance of 100-200 km from such towns. During the year, 31 stores stood under the sign of the network, and by the end of 2002 there were already 125 of them.
At the end of the year, the first Eldorado hypermarket was opened in Moscow, in the most accessible place for the target audience - in the Gorbushkin Dvor shopping center that has turned from a market into a shopping center. Experts estimated the capacity of the Moscow consumer electronics market at that time at $1.3 billion. There was no point in waiting any longer. The network's sales volume in 2002 was twice the sales volume of the M.Video network created in 1993, whose business was then concentrated mainly in Moscow ($800 million versus $400 million). At his first press conference, Igor Yakovlev promised to increase the company's stake in Moscow from 5% to 20% in 2003. Over the next two years, residents of the capital were able to see for themselves that the leader of the regional market Eldorado is not a phantom, but the owner of the company is a man of his word.
In the summer of 2003, Yakovlev bought nine Electric World stores and did not stop there. Billboards, banners, banners with irons, vacuum cleaners and washing machines have turned the Moscow metro and streets into a "territory of low prices." Aggressive street advertising matched aggressive marketing.
"Eldorado" behaves harshly with suppliers - thanks to the volumes that the network pumps throughout the country, it can dictate terms on the price. The company itself determines the assortment and does not let suppliers' merchandisers into their stores.
The personnel policy of Eldorado is just as tough - other household appliances dealers note that the market leader easily parted with people and does not lack recruits. Without sentimentality, they treat the network and the buyer. Strictly following the business plan, Eldorado is not chasing someone else's target audience. I do not like that the seller does not come for a long time, and the delivery is paid and the next day - go to competitors. I don’t like that a refrigerator with a declared low price of 7700 rubles. is not available, and the sellers of neighboring shops on Gorbushka chuckle and claim that it has never been available, because such refrigerators cost at least a thousand more - goodbye.
As in the case of Pyaterochka, a low-price food chain, aggressive advertising, rapid growth, and cost-cutting austerity ensured Eldorado not only the yellow jersey in terms of sales, but also the interest of Western companies. A month before the London IPO of Pyaterochka, Yakovlev signed an option agreement in London with Dixons Group, one of the leading European retailers in the household appliances and electronics segment, whose turnover exceeds $11 billion. Under the terms of the agreement, Dixons receives the exclusive right - but not the obligation - to acquire a controlling stake in Eldorado until 2011, if he uses the option to acquire a 10% stake until 2008. “Russia is a market with great potential, and we see Eldorado as an ideal partner for us in this country. Eldorado has a strong management team, impressive retail sales skills and exceptional growth rates,” said John Clare, head of the Dixons group, commenting on the deal at the time. Yakovlev also did not hide his joy, noting that "close relations with the leader of the European electronics market will significantly accelerate the implementation of our most daring ambitions and ambitious plans."
Update
Now there are more foreigners in Eldorado than in the companies of Russian competitors. From Dixons came the commercial director and the director of logistics. Bruno Mayer, who has worked in European companies for 25 years, has been the Executive Director of Eldorado for three years now. “I was attracted by the fact that this is a very interesting company, and it is a market leader. My task is to use my commercial experience to bring Eldorado to the European level.”
Another consequence of the partnership with Dixons is the launch of the Electro-Plaza chain of stores. The managers of the British company participated in the development of the concept. But as usual in Eldorado, Yakovlev was again the author of the original idea. By opening 610 stores in a rigid "low prices" format, he allowed himself to become softer. Eldorado and Electro-Plaza are completely different concepts. Often our views of what the consumer needs are not the same as the views of the market,” he says. – At Electro-Plaza, we gave the suppliers freedom – they were able to put up everything they see fit. For some groups of goods, the line is twice as wide as in Eldorado.
Eldorado's business is gradually changing. Yakovlev says that over the next year everything should be done and set up so that a public company can enter the business without problems for its exchange reputation. “We have already transferred all assets to one company, prescribed business processes, and are conducting an audit. Today we have more opportunities than a year ago,” explains the entrepreneur.
He will also have to change. “I believe that there will be more caution in decision-making, since now you need to look at the opinion of your British colleagues, and before, you had to place all responsibility for all decisions only on yourself. Perhaps, more than before, attention will be paid to the profitability of a business - for any investors, this parameter is no less important than market share, ”says Evgeny Kabanov from Mir.
In the meantime, despite the scale of the business, Yakovlev continues to personally tightly control costs. Being a millionaire, he dresses quite modestly and does not like parties. “Igor believes that he does not need publicity. Just the other day, I told him that there was a proposal for image advertising, and he: “We don’t need an image, we are doing it.” He is used to using every penny rationally and does not allow any of the employees to spend it on unnecessary business. I know, for example, that as a manager, he often notices the inefficiency of some projects around - whether it is the construction of a hotel or a residential building, ”says Alexander Plyatsevoy.
At the same time, he does not yet have the temptation to enter the management of some other business not related to Eldorado. Yakovlev's brother Oleg, moving away from the management of the Eldorado chain, became a co-founder of the Basis investment company, which develops the Look optician chain and the Banana-Mama children's goods hypermarket. Both in regional stores and in the Moscow office of Banana Mom, some former employees of Eldorado work. However, Igor himself emphasizes that he does not take part in these projects: “I have nothing to do with the Banana Mom project - this is my brother’s business. Sometimes I can suggest something, but nothing more. All my time is spent on the Eldorado. I've been working since nine. And at six, for sure, the working day has never ended in ten years.
It seems that despite the fact that the company is rebuilding according to Western models, its leader will not become freer in the near future. “No one can explain to you how the Eldorado monster works. I think that it is a specific person - Yakovlev - who keeps the corporation from sprawling. When the market is opaque, it is easy for managers to make mistakes and even steal money. It is the active participation of Yakovlev in operational management that ensures the rapid growth and those business indicators that Eldorado demonstrates,” Plyatseva believes.
When asked what he is personally proud of, Yakovlev answers without false modesty: “We did something that no one in the world could do. The maximum share of companies selling household appliances and electronics in the world does not exceed 10-12%. We control 22-28% in different product categories.” According to Alexander Plyatsevoy, the head of Eldorado always thinks about business: “Sometimes he hears something, it is deposited in the subcortex, and a day later it takes shape in some kind of new idea. He does only what is necessary for business development - he was the first to invite foreign managers, he was the first to open a store in Poland, he knows China better than all the leaders of the industry, where 90% of household appliances will soon be produced.”
Some observers argue that Yakovlev is unlikely to sell his business to the British - a non-binding agreement allows him to rebuild his offspring in a new way and prepare it for a new round of competition. However, lately it seems that he is already tired of the constant stress associated with the direct management of the business. Increasingly, he travels for himself, not for work. They say he finally got a non-work related hobby - wine. True, Eldorado employees state that the chief is still on fire at work.
Eldorado today
Today the company occupies about 28% of the consumer electronics market in Russia. Recognition of the Eldorado brand in most regions exceeds 80%, and in some cities it even reaches 98%. Today, more than 1,100 electronics stores operate under the company's logo throughout Russia and Ukraine.
Over 13 years of work, more than 150 million customers have been given the opportunity to improve their lives with the help of goods sold through the Eldorado network: today every 3rd washing machine or TV is purchased in Eldorado stores.
Eldorado is the largest retail chain selling home appliances and electronics in Russia and Eastern Europe.
The Eldorado company, as the undisputed leader of domestic retail, not only goes ahead of the entire market, but also in some way anticipates its development and consumer expectations.
Since 2004, Eldorado has been opening exclusively super- and hypermarkets with an area of over 2,000 sq. m. m. Only in such a territory can a decent assortment of goods be presented. Timely adjustment of the range in accordance with the needs of consumers, including both time-tested models of consumer electronics and the latest technical innovations, allows partnership with the largest and professional marketing and research companies.
Eldorado has been cooperating with leading manufacturers of consumer electronics for many years. Thanks to this, as well as the presence of a well-functioning system of logistics and direct deliveries, we manage to maintain particularly attractive prices in Eldorado stores. “Prices are always lower than competitors!” - this is the motto of our company.
Eldorado successfully operates in the dynamically developing market of digital portable equipment. In May 2005, the company embarked on a fundamentally new project - a network of its own communication stores (SSE). In each salon you can not only purchase all kinds of digital equipment, but also connect to leading mobile operators and pay for communication services. By the end of the year, the number of SSEs will exceed 490.
In 2005, the company began cooperation with the leading Kazakh network for the sale of electronics "Sulpak". Currently, in all major cities of Kazakhstan there are more than 50 specialized supermarkets of household appliances and electronics under the Sulpak brand.
Oleg Yakovlev, ex-co-owner of Eldorado: “At first they fed me with money, and then they didn’t need me”
LETTER TO FRIEDMAN
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CLOTHING SELLER
- Where do you work now?
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FINANCIAL PREDATORS
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-Do you communicate with him?
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Igor Yakovlev President and founder of the Eldorado chain, the largest retail chain selling household appliances and electronics in Russia and Eastern Europe. The company is also developing the Sulpak retail network in Kazakhstan. The number of employees of the company is about 17 thousand people. The company's turnover in 2008 was $5 billion.
In addition, Yakovlev is a co-owner of the Banana-Mama hypermarket chain of children's goods, vice president of the club "...
The reporter spoke to the former millionaire about the purpose of the letter, his new job as a sales clerk at GAP, an American clothing store, and the lessons life has to offer.
In a letter to the head of Alfa Group, Mikhail Fridman, Oleg Yakovlev reports the pressure he, his family and friends have been subjected to over the past five years. He explains that he is forced to publicly address the Alfa shareholder, because he believes that Alfa-Bank employees “will not let through” official letters. The bank was the main creditor of Oleg Yakovlev's LOOK and Banana-Mama projects, which he founded with money from the sale of his stake in Eldorado in 2003. In 2008-2009, difficult financial times came for Banana-Mama. Oleg Yakovlev claims in a letter that in February 2009, one of Alfa-Bank's employees offered him to transfer 100% of the company's shares to the bank in exchange for the removal of a $15 million debt guarantee from it. The businessman did not accept the offer. After that, he was forced to leave the country due to aggression from the security service of Alfa-Bank. In August 2011, Oleg Yakovlev was put on the wanted list as part of a case of fraudulent theft of a loan from Alfa Bank. The bank accused the businessman of taking $18 million in 2008 by providing forged documents on the financial condition of the Banana-Mama network. At the same time, his older brother Igor Yakovlev, after claims from the tax authorities and a series of searches, agreed to sell his stake (50% minus one share) in Eldorado to the Czech fund PPF.
LETTER TO FRIEDMAN
- I'm used to the fact that when I understand the ultimate goal, it's easier to go to it. My goal is for them to leave me alone, as well as my safety. Because it is difficult to live in such tension. I was always ready for dialogue, everything can be settled and move on. After all, we have 20 years of experience in building retail in Russia. I went to the regions, opened stores and built logistics. Moscow businessmen were afraid to go to the regions in the 90s, because those years were very difficult. There were no rules of the game. I went because I myself am a regional - I was born in Dagestan. Now I want peace and the opportunity to realize myself further.
-And why did you decide to contact Mikhail Fridman right now?
- For three years I was depressed: it's not easy to lose everything and be left with nothing. It's not about the money - I lived it. Plus, I had to transport the children for whom I had previously created other conditions. Now my team says that everything, it's time to wake up, recover.
-By your team, who do you mean?
- People whom I once invited to Eldorado, Banana-Mama. We walked together, studied together. They support me financially too. Such an irony of fate.
That is, if you manage to resolve the conflict with Alfa-Bank, are you ready to return and do business in Russia again?
- Of course, and not only in Russia. In general, be useful for all financial structures that accompany retail. I know all the pitfalls. I have been working as a salesperson in a store for more than two years now, and now I am not interested in the office itself, but in how the head structure of strong companies brings their strategic decisions to the grassroots. How do they achieve their goals. This has always been a problem for me and, of course, for the entire Russian market. Because the business culture is still being formed. I also formed it. Many retailers know how to make money, but it's important to understand where you're going and what the company's values are.
CLOTHING SELLER
- Where do you work now?
- Now I can talk about it to everyone. Previously, I saw publications in the media, but could not respond to them. I was asked to keep quiet by ex-business partners, fearing that things could only get worse for them. I work for GAP, I am a part-time employee. I have such a schedule that sometimes I work from four, sometimes from six.
-Did you choose GAP because it is already successful and good at goal setting?
- GAP remains the leader in its segment. Both in terms of performance and technology. I even dreamed of going to work at McDonald's, but there was an opportunity to work at GAP. Because you have to learn from the strong. I also worked in my stores. I didn’t need an office. I saw the buyer and how the loaders work, because I loaded them together.
-From within GAP, what do you see as its strengths?
- In control. Management is not engaged in cutting the budget, it can be seen. And in Russia, where there is hired management, this is everywhere. This may not be the manager himself, but part of the company's management.
How does a person who has built several businesses with millions of turnovers as an employee feel?
- Yes, the same. I've cleaned rooms before. When you are new, you clean the toilets and halls, which is about 2 thousand square meters. m. I enjoy going to work because I am learning from a strong company. I see what sellers don't see. I clean the store, I do the display and acceptance of goods and everything else. It is important. Often we lose the thread between the office and the store, forgetting that the office should work for the stores, not the store for the office. Since it is the store that brings us revenue, and not the office. Top management wants one thing, then there are a lot of transfers of processes through people, and they lose their meaning. I have my own philosophy - to learn from the strong. Therefore, I have always successfully copied ToysR US. There is nothing new in business except creativity. Many processes were invented before us, and without computers they coped with them successfully. All these processes in the world have been working for more than 20-30 years, and in Russia they always reinvent the wheel.
-You seem to be having a good time...
- Yes, I enjoy it. I have such a schedule because I am raising children alone. I need to take them to school, cook and clean. I don't have the money right now to invite someone to clean up. Therefore, I am now educating future top managers. I teach them responsibility. In the situation with my company, I lost something, but here I gained new values.
-How did the children react to the escape and the changes in life?
- Hard. It's hard to lose friends, hide, not communicate on social networks, plus English and another system. I now spend more time with children, probably more than other parents.
FINANCIAL PREDATORS
- Let's get back to the letter. Do you really think that Mikhail Fridman might not have known what was going on?
- I can only guess that he is being given distorted information.
-Why do you think bank employees need it?
- Hide their mistakes that they made during negotiations both with my top management and with other companies. For example, Paul Clark, in a year and a half of management, strengthened the qualitative results of the company's value without additional investments. If I were focused on how financial predators behave, I would behave accordingly. But I had no time to do it - I worked. He fought off the tax authorities, who obviously worked on order, and leveled and stabilized the work of the company. I saw the unfairness of the negotiations: how Alfa made it clear to other investment companies that they should not meddle in my company. And they acted with me with the same methods: they called me in a cafe closer to midnight, leaving no other options (except for the transfer of 100% of the shares of Banana-Mama. - RBC daily), not taking into account that I have obligations to Troika Dialog » and obligations to suppliers. I asked to keep only 10% for me. Let them control, but I know this business.
-Did you manage to record the conversation at this meeting?
- No, it was unexpected. There were no claims before. I was offended that I brought so much money to the bank, and they smear me instead of resolving the issue. As I understand it, Eldorado was just being cut, and I got involved in this only because I was Igor's brother (Igor Yakovlev is another creator of Eldorado, Oleg Yakovlev's older brother. - RBC daily).
-What is the name of the Alfa-Bank employee who met with you then?
- Oleg Dektyar took care of us (RBC Daily was told in Alfa-Bank that now a person with that surname does not work in the bank, and promised to find out if he had worked before). The sensations from the negotiations were as follows: you find yourself in a long train, and the carriages with conductors are changed for you, because there was a frequent change of responsible persons. Moreover, at that time they had two investment departments, both competing with each other.
-Have you contacted the authorities to deal with this situation?
- Yes, I wrote letters to the Ministry of Internal Affairs, the Prosecutor General's Office, the President's Office, but received formal replies. Or an invitation to come and testify against Igor, to talk about his influence on the processes in the company. It is clear that by imprisoning me, it would be easier to extort money from my brother.
-How much do you value your debt obligations to Troika Dialog?
- Honestly, I'm not ready to name this figure now. I remember that something was partially paid, partially frozen.
-Does that mean there is no conflict?
- No, but I am indebted to them and I am ready to work off this money, bringing them a profit. Arms, legs and head.
-How much did you bring to Alfa-Bank?
- I calculated everything, and they can check it on their cash registers. The cost of transactions is up to 2% of the company's turnover (all payments by Mr. Yakovlev's retail chains, according to him, went through Alfa-Bank. - RBC daily). I can post all the docs, but that's stupid. The bank sees them. Plus, loan servicing, which reached 18% for 364 days. You see the results of my company. They came to me and said, "Here's $10 million, how many more stores can you open?" At first they fed me with money when I opened a business, and then, when the business grew, they no longer needed me. This is nonsense, of course, compared to another fat piece, but I just fell between them. Plus, they demanded to testify against Igor, I could not agree to this. Although they knew to the end that the shares were subscribed to me.
-What's up with Igor Yakovlev now?
- He's good, he was able to negotiate. I wouldn't say very good, but he was able to get out safely and they paid something. Only not Alpha, but PPF.
-Do you communicate with him?
- Yes, but only as a family. We don't talk about business.
Both in the letter and at the beginning of our conversation, you mentioned that the pressure from Alpha continues. What is it expressed in?
- They can’t calm down in any way, they constantly run to Interpol. Flyers are posted in the house where I am registered. Conduct searches at the mother. And other things, I would not like to tell now. I know their methods.
-What are Alfa-Bank's official claims against you now?
- They accuse me of stripping assets and damaging the company with my actions. Although we, on the contrary, tried to cut the bones, to correct the situation. How else could the asset be offered to the market.
-How much do they think you have withdrawn?
- I dont know. I didn't have the money to hire a lawyer and challenge their actions.
-Has there been any response to your letter yet?
- Several hours have passed, representatives of Alfa-Bank know my phone number and other contacts, but so far there has been no response.
Alfa-Bank did not answer in detail to RBC daily's questions regarding Oleg Yakovlev's statements, limiting himself to the official position. We present it without changes: “Yakovlev is a major borrower and debtor of the bank, and current work is underway with him to collect debts within the framework of the law. As far as we know, this person is hiding, and at the moment there is a criminal investigation on his debts - this issue is being handled by law enforcement agencies.”
It was not possible to quickly get a comment from Sberbank CIB (formerly Troika Dialog).
Anna Levinskaya,
Yakovlev Igor Nikolaevich He was born in 1965.
Businessman Igor Yakovlev
It’s worth starting with the fact that this person received education in two higher educational institutions. He was the first to graduate from the Dagestan Polytechnic Institute, after which he was educated at the St. Petersburg University of the Ministry of Internal Affairs of the Russian Federation. People who were closely acquainted with him, as well as all his relatives, say that Igor Yakovlev was a very demanding and very tough businessman. For a person, these qualities may not always be the best, but everyone recognized that it was they who allowed him to become such a successful businessman.
History of Eldorado
It was under the leadership of Igor Yakovlev that the Eldorado trading network began to grow rapidly and gain momentum. Initially, the stores were located only in two cities - in Moscow and Saratov. However, by 2007, the annual turnover of this company amounted to almost 6 billion dollars.
However, the story of such a grandiose success began long before that. It is generally accepted that things have gone uphill since the opening of the first store by Igor Yakovlev in the city of Saratov back in 1994. Currently, the stores of this trading network are located on the territory of not only Russia, but also Ukraine. In total, there are about 110 stores that sell household appliances. In addition, the company opened 387 communication stores, which are also located on the territory of Russia and Ukraine. At present, Igor Yakovlev has been the undisputed leader of this company for 15 years.
Firm success
But if everyone knows the success story, then only a few realize how difficult it was to build such a huge company. Many even believe that this man was in the military before coming into business. However, the inner circle claims the opposite. Little can be said about how it all began and how Igor Yakovlev and his brother Oleg were able to build such a successful business.
It is authentically known, for example, that the construction of the company actually began from scratch and without any support from any of the financial and industrial groups. One of the decisive success factors was that this particular person understood how to minimize the cost of delivering goods from Domodedovo to Moscow, as well as to other cities and towns. The thing is that in the early 1990s, when Igor Yakovlev began to build his business, it was a common practice to take a fee at each customs post from each passing truck.
Some say that after the calculations were made of the costs that go to the usual delivery of cargo, it was decided to hire an escort, and the same company that worked at the posts. The important thing is that it was much cheaper to hire such an escort than to overcome all the posts on your own. And this, of course, led to the fact that the goods began to be sold at a higher profit than competitors who did not guess to do the same.
However, it would be fair to say that such a move was not dictated by the fact that Igor Yakovlev was a management genius or something like that. The reason was much more banal, and it consisted in the usual lack of funds. It was precisely this that served the fact that we had to save literally on everything and look for such means of saving as a convoy.