“Entrepreneur + State Anti-Crisis Investments” Fund invests in a shoe factory in Gyumri
We are happy to inform that the “Entrepreneur + State Anti-Crisis Investments” has approved the investment in “Moonlight Life”, a Gyumri-based company engaged in the production and export of shoes, to modernize the factory, increase production and export volumes.
“Moonlight Life” LLC was established on the basis of “Tavros” shoe factory, founded in 1936, where the skilled specialists of the factory, technologists and designers work till today. Currently, almost 85% of the company’s products are exported to Russia, and the rest is consumed in the domestic market. The new equipment acquired thanks to the investment of the Fund will allow to expand the product line, increase the export levels to Russia, and enter new markets.
The total cost of the investment program will be c.1.6 million US dollars, about 49% of which will be the Fund’s investment. Thanks to the program, it is expected to create around 80-100 new jobs in Gyumri.
“It is a great honor for us to undertake such an investment project in our hometown. This will give an opportunity to modernize the shoemaking process by acquiring new equipment, of course, without going against the traditions and beliefs of our company. I am glad to note that thanks to this investment program, 80-100 new jobs will be created in Gyumri in a very short time, which will solve a number of social problems, taking into account the post-war difficult situation in the country. At the same time the company will obtain a greater range of products and will be able to export in a greater extent to Russia and also enter new markets”, said the director of the factory Rudik Vardanyan.
The CEO of the investment fund manager entity Bella Manoukian mentioned: “It is with great enthusiasm, that we are launching a joint project, hoping that it’s implementation will have a great impact not only in terms of expanding the company, but will also bring a number of indirect benefits.
Back in the Soviet Union years, Armenia stood out with the skill of specialists in the field of leather processing, especially in the field of footwear. With this program we aim to emphasize the competitive advantages of the footwear industry in Armenia and to stimulate the development potential of the industry. ”
About the Fund
“Entrepreneur + State Anti-Crisis Investments Manager” CJSC’s “Entrepreneur + State Anti-Crisis Investments” non-public, closed-end, specialized, contractual investment fund was created with a purpose to help mitigate the long-term impact of COVID-19 on the country’s economy.
The aim of the newly registered Fund is to promote the inflow of private capital into the economy of Armenia, to ensure its long-term and sustainable growth by attracting private capital, which would have otherwise shied away from investing during a time of prolonged uncertainty, triggered by COVID-19.
The Armenian Government will allocate up to AMD 50 billion, roughly $100 million, to the Fund.
The Fund’s participation in one commercial organization or affiliated companies shall be equal to at least USD 0.5 million and maximum USD 4 million.
About “Moonlight Life” LLC
“Moonlight Life” LLC was established in 2010 initially under “Movarto” name, and later in 2015 it received its today’s name. The company was established on the basis of “Tavros” shoe factory, founded in 1936, where the skilled specialists of the factory, technologists and designers work till today. It has repeatedly participated in exhibitions in Moscow, where the interest in the company’s product has been constantly shown, and a number of contracts were signed.