Kingfisher, the UK-based do-it-yourself group, plans to open 50 stores in Russia at a cost of about £250m over the next 10 years. Financial Times

Kingfisher has four stores already in Russia, trading under its Castorama banner, after entering the market last year. A fifth is due to open in September and the retailer plans to double the total to 10 next year.

It aims to become the market leader in the estimated £10bn-a-year Russian home improvement market.