Luminor Bank has allocated 300 thousand euros to the household goods trading company SIA Multum to increase its working capital and promote sales on the internet. The company plans to invest the funds in expanding its store network and product range. Multum has established the sales network with seven stores in Latvia and has started to develop sales on the internet.
At present, the company mainly provides a variety of unique products from Western European manufacturers that are not available elsewhere in Latvia. In the future, the company plans to expand its offer with the most popular brands from around the world at competitive prices.
“Although Latvia has experienced the sharpest decline in household consumption in the Baltic Countries during the pandemic, retail sales are gradually recovering. SIA Multum has found the opportunity and used this time well to develop the e-commerce service and successfully adapt to the current situation. The company’s active actions have ensured excellent business results, which has allowed us to set new development goals. Luminor Bank is pleased to support small and medium-sized enterprises, especially if they have a clear vision for development and a high-quality product offer,”
says Ilze Zoltnere, Head of Luminor Corporate Department in Latvia.
SIA Multum currently has seven on-site outlets and an online store where customers are offered to buy household goods, household chemicals, food, goods for babies and pets, hygiene articles, etc. The company is also engaged in wholesale, which is under active development.
“This year has been a time of great challenges and rapid growth for the company. Although the economic situation was uncertain, we made a strategic decision to expand – to open new stores, improve the online store, making it more convenient for customers to use, and expand the range of products. The enhancing of e-commerce went hand in hand with the need to restructure the processes in the warehouse so that the customers’ orders are packaged and delivered as soon as possible. Luminor Bank has been providing us with great support in this process, offering ready-made solutions for the development of e-commerce which facilitated the company’s operation. With the Bank’s support, we will be able to achieve our development goals by providing to our customers competitive goods both quality and pricewise,”
says Raimonds Galinskis, CEO of SIA Multum.
About SIA Multum:
SIA Multum is a company registered in Cēsis, and it is engaged in the import, retail and wholesale of goods in the territory of Latvia. SIA Multum offers to customers high quality products from all over the world, with emphasis on products that are unique and uncommon in the Latvian market. The company also offers to customers the products of well-known brands manufactured for sale in Germany, Austria, France and other Western European markets. The product range of SIA Multum includes food, household chemicals, hygiene products and animal feed products. The company was founded in 2017. The sales in 2020 reached EUR 554 thousand while the company plans to finish 2021 with the sales of slightly below EUR 2 million.