ICR Group, a prominent player in the retail business in Georgia, has announced its plans to extend its operations to neighboring countries, Azerbaijan and Armenia. As revealed by Kakha Khazaradze, the Chairman of the Supervisory Board of ICR Group, the expansion is expected to commence in 2024, allowing the group to introduce its brands to these new markets. This move signifies a significant investment and necessitates the establishment of appropriate infrastructure.
Khazaradze explained that the group's expansion plans were initially hindered by the COVID-19 pandemic, but the goal to enter neighboring markets has persisted. Negotiations are currently underway, and the group aims to enter Azerbaijan and Armenia in 2024. Considering the challenges associated with entering a new market with a single brand, the group believes that leveraging its portfolio of international brands will provide a more compelling proposition.
Among the brands slated for introduction in Azerbaijan and Armenia is "Scarpiera," a brand format created by ICR Group. The brand features shoe models crafted by Italian designers, with production taking place in factories located in Eastern Europe and Turkey. The group currently operates eight "Scarpiera" stores, primarily in Tbilisi, with one store also located in Batumi. Khazaradze highlighted the brand's ability to adapt during the pandemic, sourcing manufacturers from nearby markets due to the rising transportation costs.
