Russian footwear retailer Obuv Rossii (Shoes of Russia) has consolidated its assets into a single company ahead of the planned growth of its business.

The joint stock company - OJSC by Obuv Rossii Group - has a charter capital of RUB7bn (US$210m).

Obuv Rossii, which manages the retail footwear chains Westfalika, Peshekhod and fashion brand Emilia Estra, is said to be among the top five footwear retailers in the country.

Earlier this year it announced an expansion programme over the five years to 2018, which will see the company invest RUB6bn in the opening of new stores. Obuv Rossii plans to increase the size of its retail network by 250% to 650 stores, with revenues rising 450% to RUB18.5bn.

The company currently has a presence in more than 75 cities across Russia and more than 240 stores, with revenues in 2013 expected to reach RUB5bn.

The programme will be financed with borrowings and internal funds.

"Establishing this open joint stock company is the next logical step in the Group's dynamic growth," said CEO Anton Titov.

"By consolidating our assets we can more effectively manage all of our business segments and enhance our corporate governance systems, while at the same time ensuring the successful delivery of our large-scale investment programme."