OREANDA-NEWS  One of the largest Russian retailers, Lenta, announced the purchase of a chain of discount stores with self-care and home care products, Smile of the Rainbow. The Federal Antimonopoly Service (FAS) has already approved the deal, the company said.

The cost of acquiring 100 percent of the voting shares of JSC Trading House Era (owns Rainbow Smile) is not indicated. Lenta stressed that the purchase will help the retailer gain a foothold in the growing market of perfumery and cosmetic products, the volume of which may exceed a trillion rubles by the end of the year.

Rainbow Smile is one of the largest retail chains in Russia in its format. As of September 30, it managed more than 1.5 thousand stores and three distribution centers. Their revenue grew by 17.4 percent in the first three quarters.