French luxury grocery chain Hédiard has been acquired by Luxadvor, a company controlled by Russian magnate, Sergei Pugachev.
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Founded in 1854, Hédiard has been sold by its owner, the Monaco-based businessman, Michel Pastor, for an undisclosed sum.
Luxadvor has set out a four-pronged strategy for the company – brand revamp, international expansion, product range enlargement and domestic market consolidation.
With an estimated turnover of around EUR30m (US$42.7m) from its current financial year, Hédiard has five stores in Paris, a further 15 outlets in France and a total of 200 locations abroad.
New openings are planned over the next 6 months in Saudi Arabia, Kazakhstan, Lithuania, Turkey and Egypt.
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By GlobalData
