The Director of Aspring Capital spoke at a Meeting of the Retail Committee at the Franco-Russian Chamber of Commerce and Industry

February 13, 2026, Moscow — The Franco-Russian Chamber of Commerce and Industry (CCI France Russie) held a meeting of the Retail Committee on the topic "Market consolidation: the transition of small and medium-sized players under the control of large companies, M&A transactions.

The meeting was moderated by Evgeny Drozdov, General Director Il De Beauty. Oleg Zyryanov, Director of Aspring Capital, presented a presentation on key trends in the FMCG and retail segments. Yulia Chumicheva, a partner at Kept, also participated in the discussion.

During his speech, Oleg shared his view on the current level of M&A activity in the industries. He noted that, despite external factors, the market remains alive, and the greatest concentration is observed in retail and FMCG. Against the background of slowing organic growth, retailers and food manufacturers are increasingly using M&A to acquire synergistic assets and accelerate scaling. Increasing competition for traffic and pressure on profitability are forcing players to expand, while consolidation is developing through both geographical expansion and vertical integration.

"In the current environment, M&A is becoming one of the key tools for retailers to implement their growth strategy. We are witnessing a steady interest of companies in transactions that allow them to build control over the value chain. It is noteworthy that consolidation is taking place in several directions today: in addition to absorbing direct competitors, players are actively acquiring logistics assets and production facilities to strengthen their market positions," commented Oleg Zyryanov, Director of Aspring Capital.

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