Kerdos plans expansion in Luxembourg

Kerdos plans to double the number of  Meng stores in Luxembourg, Kamil Kliniewski, CEO of the company announced on Friday. "We currently own 24 stores in Luxembourg and we want to have 40," Kliniewski said during a press conference. He stressed that the Luxembourgian subsidiary has no debt, while customers in Luxembourg are much more affluent. "We plan to start consolidation of the Meng company in Q3 2015. Presently, it is undergoing an optimization process. In the future, we may expand to France, Germany or Belgium," Kliniewski said. Kerdos currently owns a 25 percent stake in Luxembourg's Meng network. Last week, it announced that it is planning on increasing its stake to 50 percent by mid-2015. Kerdos is a holding company focused on trade operations in the hygiene and household cleaning product segments. It recorded PLN 220 million of revenue in 2014.