Ruslan Shostak on the Realities of Retail and Terwin’s Ambition to Reach ₴100 Billion in RevenueTerwin Corporation, which unites 17 companies including leading retailers EVA and VARUS, is actively pursuing ambitious investment projects. The corporation’s founder, Ruslan Shostak, shared key insights into Terwin’s strategic development — including the construction of the WinHub logistics hub worth $700 million, the future of the household chemicals producer Ushasty Nyan, and the role of government support under the investment nanny initiative.
From Retail to Corporation
Ruslan Shostak, co-owner of the EVA retail chain, VARUS supermarkets, and the WinHub logistics project, began his entrepreneurial career in 2003, when he and Valerii Kiptik founded the VARUS grocery chain in Dnipro.
In October 2023, Shostak consolidated 17 companies under the Terwin Corporation umbrella.
The name Terwin derives from territory and win — symbolizing a “territory of victory.” It reflects the corporation’s mission: strengthening strategic management, improving investment planning, and accelerating growth.
Forbes published the entrepreneur’s main points about Terwin’s achievements, upcoming projects, and his position on how tax policy affects fair market competition. Below are the highlights summarized by RAU.
Core Task: Building a National Logistics Network
The corporation’s primary focus is the construction of a next-generation logistics hub, WinHub.
The total planned area of new warehouse facilities is 1 million square meters, with a five-year implementation timeline and $700 million in total investment.
No construction took place in 2024 — the focus was on forming a professional team.
Currently, the company is actively acquiring land plots.
This year, construction of the first phase is set to continue, with 25,000 m² of warehouse space expected to open in Odesa in 2026. The full Odesa complex will cover 245,000 m².
Construction of the Kyiv WinHub is scheduled to begin by the end of 2025.
Terwin has launched the “Building Ukrainian” initiative — collecting applications from contractors, suppliers, and manufacturers interested in long-term cooperation throughout the project’s implementation.
Over 50 companies have already applied.
A core principle is keeping and multiplying all investments inside Ukraine.
The project has a strong multiplier effect — every 1 hryvnia invested in construction can generate up to 7 hryvnias of economic impact.
According to company estimates, WinHub will create around 20,000 new jobs.
Currently, about 200,000 m² of Class A and B real estate already serves the corporation’s retail operations.
Terwin also acquired the SK Omega-1 Logistic complex from Dragon Capital (Tomas Fiala). The facility covers about 20,000 m², and deal terms remain undisclosed.
Terwin Is Not About Personal Ownership
In 2024, the consolidated revenue of Terwin’s 17 companies reached ₴70 billion, with a plan to hit ₴100 billion in 2025.
Investment in corporate development amounted to ₴1.9 billion last year.
For EVA and VARUS, annual growth of at least 30% is expected — through network expansion, customer acquisition, and market scaling.
In 2024, EVA’s revenue reached ₴27 billion, while VARUS reported ₴23.9 billion.
The retail segment faced challenges due to store closures in war-affected areas and population outflow from frontline regions.
Part of EVA’s total turnover came from real estate ventures co-owned by Shostak and Kiptik — including Neo Plaza (Dnipro) and Lake Plaza (Kyiv).
Some Terwin companies have multiple shareholders, meaning the corporation’s consolidated figures reflect group performance, not individual ownership.
Terwin operates as a corporate ecosystem, accountable to its investors.
EVA.UA One Year After Becoming a Marketplace
In the beauty segment, EVA.UA now competes with Makeup for the top spot, depending on monthly ad activity.
Rozetka and Epicentr still lead in total traffic, with a noticeable gap.
Online sales already make up over 15% of EVA’s total revenue in Q1 2025, with 35% growth expected by year-end.
The company continues to expand its product range — adding accessories and children’s goods — but maintains a focus on its female audience.
The Future of “Vinnytsiapobutkhim” — Former Russian-Owned Assets
The manufacturer Vinnytsiapobutkhim is not part of Terwin or the Olvia Group (owned by Valerii Kiptik).
Most matters concerning this asset fall under Kiptik’s management.
In April 2025, ARMA and Krayteks-Service LLC signed an addendum terminating the asset management contract for PJSC Vinnytsiapobutkhim.
The assets were returned to ARMA and are now being transferred to the State Property Fund for further privatization, expected soon.
Terwin is considering participation in the privatization auction.
“Investment Nanny” and Government Cooperation
The state is involved in the WinHub project through facilitation, not financing — helping with documentation and communication with investors.
Given the project’s $700 million scale, such government interest is logical — there are few comparable projects in Ukraine.
Many potential investors have expressed willingness to join after the war ends.
Ukrainian and international banks are ready to open credit lines.
Credit terms remain standard but cautious, reflecting wartime risks.
Foreign currency loans are available at 5–7%, while hryvnia loans are more expensive but safer — though still unattractive for large-scale investments.
Terwin’s Role in Business Development
Terwin was created to transfer experience and synergy between businesses.
The main effect of consolidation appears at the strategic and investment level, not the operational one.
The corporation is actively developing leadership teams.
In cooperation with the Aspen Institute, dozens of top managers are now undergoing training under the “Business and Society” program.
Over the next 3–4 years, Terwin plans to integrate AI into hiring, staff training, and internal/external processes.
These are still conceptual ideas — no ready-made solutions exist yet.
Business Challenges in 2025
The main challenge remains the ongoing war.
If it continues, issues of security, financing, and workforce will persist.
However, if stability is achieved, new challenges will arise with the return of investors and veterans.
The company is actively working on veteran employment programs, understanding it as a 10-year strategic mission.
With 30,000 employees, Terwin monitors developments around military mobilization policies.
The economic reservation project, supported by Terwin but not implemented by the state, could have generated significant funds for the military and legalized employment — benefiting both the economy and the government.
Another potential challenge is the tax increase planned for 2026, as recommended by the IMF to replenish the state budget.
This would not be problematic if all market players operated transparently.
But with around 50% of the economy in shadow, depriving the state of ₴1 trillion annually, fair competition remains impossible.
There’s concern that some officials want to preserve “extra privileges” — luxury assets and real estate gained through shadow schemes — while the “white” businesses bear the real tax burden.