Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Sergei Pugachyov Snaps Up Hediard

Luxadvor, a company controlled by billionaire Sergei Pugachyov, a banker and Federation Council member close to the Kremlin, has bought French luxury food chain Hediard, French newspaper Les Echos reported Thursday.

Hediard said the sale would enable it to expand on the international market, the paper reported.

"The arrival of Luxadvor will give us the opportunity to build on the work we have already achieved," Hediard president Dominique Richard said, Les Echos reported.

Luxadvor president David Henderson-Stewart said there were no plans to undertake any radical changes to Hediard, but added that his company would undertake a strategic plan in 2008 to make the brand more dynamic. The plan will seek to widen Hediard's range of products and strengthen its position in the French market.

Hediard, which was founded in 1854, currently has over a 100 outlets in France and more than 200 shops worldwide.