M.Video-Eldorado’s 2021 GMV rises by 13%, share of total online sales reaches 68%

26.01.2022 11:30

PJSC M.video (M.Video-Eldorado Group, the Company, or the Group; MOEX: MVID), Russia’s leading e-commerce and consumer electronics retailer, announces its combined unaudited GMV for the three and twelve months ended December 31, 2021 (4Q 2021 and the full year 2021), and also provides a business overview and a summary of key events for 4Q 2021 and after the reporting date.


  • The Group’s gross merchandise value (GMV[ii]) rose by 13.1% year-on-year to RUB 570.7 billion (incl. VAT).
  • Total online sales[iii] increased by 28.8% year-on-year to RUB 386.9 billion (incl. VAT), accounting for 67.8% of the Group’s GMV.
    • Mobile platform turnover[iv] increased by 67.1% year-on-year to RUB 257.6 billion, with a 66.6% share in total online sales.
    • The number of OneRetail transactions grew 22%, reaching 65% of all transactions versus 56% in 2020.
    • The average ticket for OneRetail customers[v] increased to RUB 11,195 and was 35% higher than the average ticket for non-OneRetail customers (RUB 8,271).
  • M.Video and Eldorado customer mobile app installations reached 30 million, a 3.8x increase year-on-year.
  • The total number of SKUs in the category of electronics and household appliances available on the Group’s online platforms and in its offline stores saw a year-to-date increase of 2.4x from 75,000 to almost 185,000.
  • As at the end of December 2021, the M.Video and Eldorado store network consisted of 1,258 stores in all formats (an increase of 184 stores in 12M 2021), spanning 371 cities in Russia (92 new cities added during the period).


  • The Group’s GMV rose by 8.1% year-on-year to RUB 177.6 billion (incl. VAT).
  • Total online sales increased by 17.3% year-on-year to RUB 123.9 billion (incl. VAT), accounting for 69.8% of the Group’s GMV.


The CEO of M.Video-Eldorado Group, Enrique Fernandez, commented:

“I am happy to be back with M.Video-Eldorado Group as its chief executive officer. As a member of the Board of Directors of PJSC M.video over the past two years, I have been closely following the evolution of our business and all the developments and challenges that have emerged in the market. I have every confidence that the Company is perfectly positioned to continue its strong growth. Our OneRetail strategy, underpinned by a seamless customer experience both online and at brick-and-mortar stores, together with data analytics, has proven to be successful. In 2021, despite the challenges of the pandemic and restrictions in the retail sector, M.Video-Eldorado delivered a double-digit increase in GMV, with sales surging by 30% compared with 2019. GMV CAGR for 2020 and 2021 was 14.2%, in line with the Company’s long-term strategy.

“The Company was also able to expand as planned, with stores opening in 92 new cities and towns. A greater presence across Russian regions enables us to greatly increase the penetration of online sales as part of our omnichannel model. Out of the 184 stores we launched in 2021, around 44% opened their doors in the fourth quarter, which I believe will be a strong foundation for our growth this year. In 2022, we are planning to focus on operational efficiency in the course of our digital transformation while also further enhancing the OneRetail platform and fostering long-term partnerships with our suppliers.”


Dividends and partnerships

  • In line with a resolution adopted by an Extraordinary General Meeting of Shareholders, M.Video-Eldorado paid an interim dividend of RUB 6.3 billion, or RUB 35 per ordinary share of PJSC M.video. The total amount of interim dividends was approximately RUB 6,292 million.
  • In December 2021, M.Video-Eldorado launched co-branded retail showrooms with Xiaomi, blazing a trail for the format in Russia as part of M.Video’s strategic partnership with the brand. M.Video provides comprehensive customer support and a personalized online and in-store shopping experience through its OneRetail technologies. The Company will also be responsible for fintech solutions, logistics and after-sales service. As a result, Xiaomi will benefit from turnkey retail processes to ensure the best customer touchpoint and showcase the benefits of its product ranges.

Digital transformation and business process efficiency

  • M.Video developed and started rolling out a new solution that enables customers to request the help of a consultant when at a store. The new functionality has been added to the customer app, delivering an improved shopping experience thanks to the use of digital technology. To request a consultant, customers need to specify where they are located and describe what they look like. A pilot project showed that it takes an average of only three minutes for a consultant to respond, and customer satisfaction with the solution now exceeds 82%.
  • To develop the digital expertise of its staff, the Company launched an in-house agile competence center. The center will focus on introducing a product approach, applying flexible development techniques and transforming the corporate culture. A standalone focus for the competence center is an Agile School to train agents of change across all areas of business, from in-house talent to retail operations. Some 40 people have already completed their training at the school.
  • The Group developed an online platform to automate assortment management and supplier relationships. The personal account interface will serve as a one-stop shop to launch and develop sales at M.Video and Eldorado stores and online platforms. This in-house solution is helping to quickly scale up the Company’s internal closed-access marketplace, with the duration of the initiation process for merchants now drastically reduced. Going forward, the personal account will offer tools based on the Group’s expertise and practices that will enable merchants to forecast sales, maximize profit and personalize their communications with customers.


  • In 2021, the volume of electronics (received from customers and the Company) and batteries sent for recycling increased 1.5-fold to almost 1,550 tons. M.Video-Eldorado also launched a number of projects to reduce its environmental footprint, including initiatives to collect packaging and secondary materials, sort waste, install reverse vending machines for collecting aluminum cans and plastic bottles, and recycle metallic elements of retail equipment that have become obsolete and are no longer used.
  • ESG transformation is also a major part of our strategic drive to digitalize the customer journey. Customers can use their mobile app at any store to learn more about product properties, check out user reviews, compare items, get a personalized price, pay for a product and reduce the time needed to receive it. To save paper and consumables, new stores use electronic price tags and mostly rely on digital displays, including TVs, to reach out to customers with advertising and additional information. When opening new retail facilities, the Company predominantly makes use of natural eco-friendly materials such as wood, glass and concrete.


  • PJSC M.video’s Board of Directors approved the appointment of Enrique Fernandez as the CEO of M.Video-Eldorado Group effective January 18, 2022. Mr. Fernandez will continue to implement the OneRetail strategy and focus on achieving operational excellence, ensuring the highest quality of service, developing the Company’s human resources and strengthening the Group’s leading market positions. He will remain a member of the Board of Directors.

[1]Unless otherwise specified, comparisons are hereinafter provided on a year-on-year basis.

[2] GMV (gross merchandise value) includes in-store purchases (including those from pickup points), paid and delivered online orders, and paid orders shipped from warehouses to corporate customers. Offline and online purchases can be made by both individuals and legal entities. GMV includes the Company’s own and agency sales of goods and services. GMV includes VAT and is net of discounts granted to customers and returns made during the reporting period. GMV does not constitute the Company’s revenue.

[3]Total online sales of M.Video-Eldorado Group, in line with its OneRetail strategy, include all sales to authorized customers via the Internet, including home delivery, in-store pickup and sales made to customers in-store through the consultant mobile app. Currently, sales through the consultant mobile app are only available at M.Video stores.

[4] Mobile platform turnover includes sales through the M.Video and Eldorado customer apps as well as in-store sales made through the consultant app.

[5] The Company defines OneRetail customers as those who signed in and made at least one purchase during the year through the web platform or mobile platform, including customer and consultant apps.

[6] The Company defines identified active customers as those who have logged in and made at least one purchase through any sales channel during the year.