Russian discount retailer Fix Price has confirmed its plan to enter the Serbian market later in 2025.

The confirmation comes after the Kommersant business newspaper reported the potential expansion based on job advertisements on Headhunter and insights from a confidential source within the retail industry.

The retailer stated that the market dynamics and consumer behaviour of Serbia align with its operational model.

Should the move proceed, it would represent a notable instance of a Russian enterprise branching out into European territory since Russia commenced its military campaign in Ukraine in 2022, which led to sanctions from Western nations.

In November 2023, shareholders of Fix Price approved the shift of the company's legal domicile from Cyprus to Kazakhstan.

While specifics regarding the Serbian venture are sparse, Kommersant's industry insider indicated plans for Fix Price to inaugurate a series of retail outlets in Serbia during the latter half of 2025.

The entry into Serbia pits Fix Price against established European retail players such as Delhaize with its Dutch-Belgian roots, Germany's Lidl and Slovenia's Mercator.

In the fiscal year 2024, Fix Price significantly expanded its retail footprint by launching 751 new stores: 732 directly managed locations and 19 franchises.

As of 31 December 2024, the retailer offers a network of 7,165 stores across Russia and other nations, each offering 2,000 stock-keeping units spanning 20 distinct product categories.

The financial year 2024 saw Fix Price experience a revenue surge of 7.9% compared with the previous year, fuelled by a 10% increase in retail sales.

The fourth quarter alone saw the company's gross profit climb 6.9% year-on-year.

In 2021, Fix Price conducted a landmark initial public offering on the London Stock Exchange, raising $2bn.