Xiaomi’s official distributor in Russia may go bankrupt

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Last updated on April 28th, 2023 at 07:15 pm

Retentiva Distribution Company is the official Russian distributor of not only Xiaomi products, but also Yi Technology surveillance cameras, Jinga smartphones, Fossil smart wearable devices and Skagen watches

Retentiva Distribution Company (RDC), which is the official distributor of Xiaomi products in Russia, has a debt of 700 million rubles to Otkritie Bank and is currently on the verge of bankruptcy.

Xiaomi’s official distributor in Russia may go bankrupt

Retentiva Distribution Company is the official Russian distributor of not only Xiaomi products but also Yi Technology surveillance cameras, Jinga smartphones, Fossil smart wearable devices and Skagen watches. In the event of bankruptcy, the above companies will have to seek other intermediaries to sell their products in Russia.

The court previously suspended the bankruptcy petition filed by GPB Factoring vs Retentiva Distribution Company due to inappropriate consideration until April 21. Besides, in November 2019, the RDC was to pay 201.7 million rubles under a loan agreement with Mobile.

The next hearing in the case of Otkritie Bank v. Retentiva Distribution Company is scheduled for May 15.

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