Key Facts
- ✓ The retail M&A market saw a significant increase in activity during 2025, with several major companies changing ownership.
- ✓ Aspring Capital, led by Sergey Ayrapetov, served as a consultant for the sale of the Sokolov jewelry holding and the Riv Gosh retail chain.
- ✓ Azbuka Vkusa, a prominent grocery chain, was among the large retail players that acquired new owners in 2025.
- ✓ According to Sergey Ayrapetov, growing a core business is currently a difficult task, which is a key factor motivating owners to sell.
- ✓ The transactions involving Sokolov and Azbuka Vkusa indicate a trend of successful businesses seeking new ownership for strategic reasons.
- ✓ Market observers are closely watching 2026 to see if the high level of retail M&A activity will continue into the new year.
Quick Summary
The retail sector witnessed a significant surge in M&A activity throughout 2025, with several high-profile companies changing ownership. Major transactions included the sale of the Sokolov jewelry holding and the Azbuka Vkusa grocery chain, signaling a dynamic shift in the market landscape.
Investment expert Sergey Ayrapetov, managing partner at Aspring Capital, provided analysis on the underlying forces driving these deals. His firm served as a consultant for the sales of both Sokolov and Riv Gosh, offering a unique perspective on the motivations of sellers and buyers in the current economic climate.
A Market in Motion
The year 2025 marked a clear acceleration in retail M&A. The market saw new owners emerge for several prominent retail chains, indicating that established businesses are actively seeking new capital and leadership. This wave of transactions is not limited to a single niche but spans across the retail spectrum, from luxury goods to everyday essentials.
Key transactions that defined the year included:
- The Sokolov jewelry holding finding a new owner
- The Azbuka Vkusa grocery network undergoing a change in control
- The sale of the Riv Gosh retail chain
These deals highlight a trend where even successful and large-scale businesses are being put on the market, creating opportunities for new investment and strategic repositioning.
The Seller's Perspective
A central question in the current market is why owners of proven, successful businesses are choosing to sell. The decision often involves a complex mix of personal and strategic factors. For many founders and long-term owners, reaching a certain scale can present new challenges for growth and management.
According to Ayrapetov, the current environment makes it particularly challenging to grow the core business. This sentiment reflects a broader reality where market saturation, operational complexity, and shifting consumer behaviors can make expansion difficult. Selling the business becomes a strategic move to realize value and potentially allow the brand to thrive under new ownership with fresh perspectives and resources.
What Drives Buyers?
On the other side of the transaction are the buyers, who are motivated by specific strategic goals. Investors are not just buying a company; they are acquiring market position, brand equity, and operational infrastructure. The assets in question, such as Sokolov and Azbuka Vkusa, represent strong footholds in their respective markets.
Potential drivers for buyers include:
- Entering a new market segment quickly
- Acquiring established brand recognition and customer loyalty
- Gaining access to proven supply chains and logistics networks
- Consolidating market share to achieve greater scale
For investment firms like Aspring Capital, facilitating these deals involves matching the right assets with investors who have a clear strategic vision for the company's future.
Outlook for 2026
Looking ahead, the momentum from 2025 sets a strong precedent for the coming year. The question remains whether this trend of large-scale retail transactions will continue. The market conditions that fueled the 2025 activity—such as the search for growth and the availability of capital—are still present.
The continued interest from both sellers and buyers suggests that 2026 could see another round of significant deals. The retail landscape is constantly evolving, and M&A activity is a key indicator of that evolution. As businesses adapt to new consumer demands and technological shifts, the market for corporate ownership will likely remain active and competitive.
Key Takeaways
The 2025 retail M&A wave underscores a pivotal moment for the industry. It highlights that even established market leaders are not immune to the pressures and opportunities of the market. The decisions by owners of companies like Sokolov and Azbuka Vkusa to sell reflect a strategic calculus about growth, value, and future potential.
Ultimately, the insights from experts like Sergey Ayrapetov reveal a market in transition. The interplay between sellers seeking to capitalize on their success and buyers looking for strategic assets will continue to shape the retail sector. The events of 2025 have set the stage for what could be another dynamic year of consolidation and change in 2026.
