Russian oligarch boosts investment in HMV

Russian oligarch Alexander Mamut has raised his stake in entertainment brand HMV to 5%.

/p/n/r/hmv160.jpg

Mamut’s increased investment in HMV has fuelled speculation about his intentions for the chain.

The investor, who owns a 51% stake in mobile handset retailer Yevroset in Russia, has bought shares in HMV on three separate occasions in the past month.

Analysts told The Financial Times that Mamut could be looking for tie ups between mobile business Yevroset and HMV, or to expand HMV into Russia

Shares in the entertainment brand have dropped sharply in the past year, suffering a 17% fall on Thursday (9 December) when the company revealed further declining sales.

HMV reported a 16.1% fall in like for like sales for the six months to 23 October but says it is confident in the progress of its strategy to become a “broad-based entertainment brand”.

The group, which also owns book chain Waterstone’s, has moved into ventures including clothing, digital music, live entertainment and cinema, as part of its efforts to branch out of retail.

It says new products now account for 12% of sales, compared to 9% last year.

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3703 or email customerservices@marketingweek.com

If you are looking for our Jobs site, please click here