In April, Araz Agalarov, the head of the Crocus Group, compared the situation of his business during a pandemic with a sinking ship. After several months, Agalarov Jr. told RBC that the business is still in a difficult position.
“The ship is in a borderline state. A few more holes - and he will drown. But if we manage to patch something, then maybe we will swim out, ”said Emin Agalarov. According to him, only half of Crocus Group's assets are currently operating, and concert halls, some shops and restaurants are closed. In addition, a hospital for patients with COVID-19 continues to operate in the exhibition center, for which the state allocated about 1 billion rubles to Agalarov’s group. “We received part of this money, built a hospital, and we will receive the balance of this amount after the audit, after everything has been calculated. <...> I think that the situation is not unprofitable, as long as this story is zero, but profitable, I think, it cannot be for us, ”explained Agalarov Jr.
He said that the company will feel the consequences of the coronavirus crisis for a long time. “We lost 90% of our fees, and the expenditure component did not decrease much. We suffer losses month after month and day after day, and I cannot say that after the opening they will decrease, because the tenants who open on the territory of our shopping centers cannot pay rent, either, ”he said.
Emin Agalarov also said that during the crisis he sold three cars from his own garage, in order to pay salaries to employees (there are about 15 thousand in Crocus Group), he had to take loans. “From the fact that I will sell my last cars, I can’t even pay 10% of these employees,” he said.
In his interviews, Agalarov said that in his collection of cars there are such instances as the 1969 Rolls Royce Coupe and Cadillac Fleetwood. Emin Agalarov in June 2020 was included Forbes among the most successful stars of Russia under 40 years old. He took 29th place with a $ 3.1 million estimate for 2019.