Semax, the clothes distributor and owner of three brands (Deep, Hot Oil and Vabbi Factory Outlet - VFO) plans an IPO on the Warsaw Stock Exchange.
“We are tempted but the IPO will be possible when our sales exceed PLN 200m (EUR 51.2m). It should be the end of 2008”, Mariusz Szeib, Semax CEO said.
Last year, the company had PLN 100m of sales and PLN 3m of net income. At the end of this year, it expects that net income will grow 50 percent and sales 40 percent.
The company plans to launch 15 Deep shops, and 10-15 shops of both Hot Oli and VFO brands. Today, there are 63 Deep shops, 28 Hot Oil shops and 33 VFO ones in Poland. The company is building its network abroad: in the Czech Republic, Lithuania and Russia.
“This year, we will launch our first shops in Latvia, Slovakia and Germany”, Mariusz Szeib said.
(PLN 1 = EUR 0.256)