In November, Forbes-Ukraine magazine identified Ukrainian companies that proved to be more stable than others, were able to preserve and sometimes increase their business. Among them is the Foxtrot us all-Ukrainian chain of electronics and household appliances
The list of analyzed businesses includes IT companies with 2,500 or more employees, banks with assets of UAH 10 billion or more, enterprises in other industries with actual or estimated half-yearly sales of more than UAH 2 billion.
Foxtrot was included not only in this sample, but also in a separate group within the rating - five businesses that pushed off the bottom: Forbes singled out five companies that suffered a lot and experienced a dramatic decline, but the entrepreneurial flair and managerial skills of the business captains quickly returned them into the game. Among them are Nova Poshta, Rozetka, Metinvest, Foxtrot, SkyUp Airlines.
As early as 2021, Foxtrot ranked 40th among the 100 largest companies in Ukraine and showed growth in the multi-channel format of electronics trade. And in February 2022, Oleksiy Zozulya, CEO of Foxtrot said the enemy aimed at the very heart of the company: the central warehouse of equipment and electronics in Gostomel with an area of 30,000 square meters was looted and bombed by the Russian invaders. The company suffered the biggest losses in the field of trade in household appliances and electronics - UAH 650 million. The total losses together with the lost stores amounted to approximately UAH 1 billion, Oleksiy Zozulya stated in an interview with Forbes in June.
To stay afloat, Foxtrot closed 100 of its 170 stores and decentralized management. At the beginning of the war, in March-April, during the evacuation of goods from stores on the front line, dozens, hundreds of decisions were made on the ground. Then the founder of the business Valery Makovetskyi told Forbes that all the income went to support employees and keep the team. Against the background of a difficult situation, the founders of the business found a reserve of stability to help the Armed Forces: during the eight months of the war, Foxtrot provided equipment worth UAH 12 million to the defenders of Ukraine.
The company agreed with the vendors on debt restructuring. "Everyone understands the context," says Oleksiy Zozulya. By the fall, Foxtrot has not only recovered, but is expecting sales to increase during the high season.
