Kinnevik expects more Zalandos – Swedish Dagbladet

– Poor Tele2, noted Cristina Stenbeck during the discussion on Zalando.

E-commerce, that is only seven years old, now constitute a greater value of Kinnevik than the previous the crown jewel Tele2. Only in the last quarter showed Zalando growth of 28 per cent recalled a satisfied CEO, Lorenzo Grabau, at Monday’s meeting.

Faith shift in the portfolio is in a sense the symbol of the new era in Kinnevik. With e-commerce platform for fashion, home furnishings, food or used market Kinnevik hope to build more successes like Zalando. Not only in the European market, but also in other parts of the world such as Asia and South America.

– There are babies who grow up quickly to teenagers, said Grabau of Kinnevik’s other e-commerce initiatives that have been started three years and thus have a few years to follow in the footsteps Zalandos.

There was otherwise a well directed show with a relaxed, Cristina Stenbeck, who along with Lorenzo Grabau received questions from shareholders and the media on Monday. First question from a shareholder was how Kinnevik manages to steer and hold together its scattered business while capturing trends.

– You have to find the right people and the right incentives, while you have to have a local presence. It is not enough to sit in a boardroom in Stockholm, said Cristina Stenbeck.

Another shareholder wanted to hear more about how Kinnevik looked at developments in Russia. Grabau began by talking about Avito, the Russian equivalent of the block, which Kinnevik is a major shareholder in.

– As you may have noted in the last report as Avito performs particularly well despite a tougher environment. That is because it solves a basic need of the customers, a need still there even if the conditions are tougher. However, the value of the company, of course, in rubles and when we convert it into SEK, the value is lower, said Grabau.

A concern Kinnevik is still the political situation in Russia, allows Grabau. MTG as media companies are forced to reduce its stake in the Russian subsidiary CTC Media because of legislative changes.

CTC, as before it tougher climate with Russian rulers were considered to be a real golden egg, is proof of the increased political risk man company now runs Russia. This means that MTG’s options now are very limited and that the price of the CTC will probably be then, says analyst SvD Business talked to. Kinnevik did not comment on the price tag on the CTC.

– Honestly, who cares who owns the company that sells the old sofa. But many stakeholders care about who owns TV channels. This means that the CTC and MTG are facing challenges both in their business, but also on legislation, said Grabau.

Cristina Stenbeck confirmed that it is she who, after his little brother Max Stenbeck’s death, will have power over Kinnevik.

The legacy is not shifted yet, but it’s Cristina who, together with his siblings who inherit Max Stenbeck Foundation checking his shares in Kinnevik.

– The control and leadership will remain with me, she said.

Stenbeck expect that her impending move to Sweden should provide more opportunities for personal meetings but believes that in practice becomes as much flying now as before.

– It is a good personal decision, this is a great place for kids to grow up in, she noted.