Fast Food: Dumplings on Menu As Russian Chain Plans IPO...
Elif Kaban
Источник: REUTERS
5:25 a.m. February 19, 2007
MOSCOW – Restaurant chain Rosinter, whose outlets serve hungry crowds from Siberia to central Asia, will become the first company from Russia's booming dining sector to float publicly when it goes to the market in May, banking sources said.
The sources said Russian investment bank Renaissance Capital had the mandate to advise the company on the planned $100 million-plus initial public offering, which will give investors access to Russia's booming consumer sector.
AdvertisementA Rosinter spokeswoman declined to comment. Officials at Renaissance Capital also declined comment.
Investors are keen to diversify into the Russian consumer sector to hedge against risks in politically-sensitive and strategic areas of the economy where mega deals with foreigners are coming unstuck as the Kremlin asserts itself to win control.
The consumer business is the fastest growing industry in Russia, a market of 143 million people which analysts say has doubled in the past 10 years and will double again in the next five years.
Russian retail sales grew 13 percent to 8.63 trillion roubles ($329 billion) in 2006, with Muscovites accounting for a third of that, government data shows.
Rosinter, which posted a 2006 turnover of $205 million, up 30 percent over 2005, owns or operates over 200 eateries in Russia as well as former Soviet republics under seven brands including T.G.I Friday's, Santa Fe, Il Patio and Planet Sushi.
It also owns Rostiks, the leading chicken fast-food brand in Russia, where its red and yellow signs of a cheery chicken brandishing a knife and fork are ubiquitous. Rostiks represents the KFC brand of U.S. Yum! Brands in Russia.
PASTA PASSION
Rosinter, with a 20 percent market share in Moscow, serves sushi, pizza, burgers as well as Russian staples such as pelmeni dumplings in the casual, inexpensive segment of the dining market analysts say is growing by at least 20 percent a year.
Russians are spending big time as petrodollars flow in and the economy powers ahead in its eighth consecutive year of growth. Annual growth in dollar per capita income has averaged almost a third over the past five years.
Tastes are getting more sophisticated as incomes grow, said Andrei Petrakov, managing director of Russian restaurant consultancy Restcon.
“Our people know their pasta and their sushi. They want good quality food and they have the money to pay for it,” Petrakov said.
Eating out is still less popular in Russia than in other countries, a legacy of Soviet times when there were few restaurants, many of which were not enticing.
Money spent dining out is still a fraction of Western levels: analysts say the average Russian household spends only about 3 percent of its annual per capita income of about $3,500 on dining out, while in Moscow, where households earn three times that, the rate is seven percent.
Analysts estimate the restaurant market in Moscow is worth $4.5 billion, a third of it in casual dining.
Petrakov said Moscow's casual dining market was growing 20 percent annually, with the average bill coming to $40 per person.
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