Etalon Group Announces Strengthening of Management Team

06 October 2023

ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, announces the strengthening of its management team.

In connection with the rapid scaling-up of the business and the active development of a strategic focus on internal efficiency, two new vice presidents have joined the management team: Mikhail Buzulutsky and Stanislav Kondratyev.

As Vice President of Sales and Marketing, Mikhail Buzulutsky oversees the development of sales and the commercial function at the Company. Mikhail has over 20 years’ professional experience in real estate and construction. Prior to joining Etalon Group he managed the commercial function at several leading real estate development companies, including Ingrad, Seven Suns Development, and Glavstroy St. Petersburg.

Stanislav Kondratyev joined the management of Etalon Group in October 2023 as Vice President for Product. He will be responsible for developing the product and increasing its availability. Stanislav graduated from the Moscow Institute of Economics, Politics and Law, and prior to joining Etalon Group he held the position of Senior Vice President at PIK Group, and also previously worked as Vice President at Sminex.

Commenting on the new appointments, Gennadiy Shcherbina, Chief Executive Officer of Etalon Group, said:

“I’m delighted to welcome Mikhail Buzulutsky and Stanislav Kondratyev to the management team. The addition of Mikhail Buzulutsky to the team has strengthened our expertise in terms of building an effective sales system in our traditional markets as well as in new regions for the company, contributing to significant sales growth in Q3 2023. I’m confident that Stanislav Kondratyev’s many years of experience and extensive expertise in product development will help us to increase product availability through cost control and attain leading positions in regional markets. Working together to support the further scaling-up of the business through product enhancement and cost optimisation, including by increasing business cost efficiency, will enable us to successfully deliver on our ambitious strategic goals of geographic expansion and business growth.”

This and other recent announcements are available on the Etalon Group website:

Contact Information

Etalon Group

IR Team
T: +44 (0) 20 8123 1328




About Etalon Group


Founded in 1987, Etalon Group is one of Russia’s largest development and construction companies. The Company focuses on middle class residential real estate in the Moscow and St Petersburg metropolitan areas. In 2021, the Company began a regional expansion programme and has already launched new projects in Omsk, the Novosibirsk region, Ekaterinburg, Tyumen and Kazan. With a 35-year history, Etalon Group has one of the longest and most successful track records in the Russian real estate industry. Since its foundation, Etalon Group has delivered 8.6 mln sqm of real estate.

Thanks to its integrated business model, Etalon Group is able to create added value for customers and shareholders at every stage of development, from land plot analysis and acquisition to the operation and maintenance of existing properties. Etalon Group employs more than 5,800 people, and its nationwide sales network covers 35 regions of Russia.

Etalon Group’s assets comprise 38 projects at the design and construction stages, unsold inventory at completed residential complexes and commercial properties, with total unsold NSA of 6.4 mln sqm, as well as a construction and maintenance division. According to Nikoliers, the value of Etalon Group assets as of 31 December 2022 was RUB 288 billion.

In 2022, Etalon Group’s new contract sales totalled 292 ths sqm, or RUB 58.7 billion, not including accumulated new contract sales at YIT Russia as of its acquisition.

The Company's revenue in 2022 amounted to RUB 80.6 billion, with EBITDA of RUB 16.5 billion.

Etalon Group’s GDRs have been listed on the Main Market of the London Stock Exchange since 20 April 2011 and included in the Level 1 quotation list of Moscow Exchange since 31 January 2020 under the ticker ETLN. In July 2023, the Company completed the process of changing the basis for its listing on Moscow Exchange.