Galaxy Group of Companies

What Galaxy Group of Companies does

Galaxy Group of Companies is a privately held Armenian holding company founded in 1999 by brothers Aram, Gurgen, and Artyom Khachatryan. The group operates 15 wholly-owned subsidiaries across three countries (Armenia, Georgia, and Belarus), organized around five industry verticals: Commercial Real Estate and Construction, Entertainment and Hospitality, Importation and Production, Retail and Consumer Goods, and Telecommunications and IT. Core businesses include Ucom (mobile/fixed telecom operator with 5G capabilities and 78 service centers), Yerevan Mall (retail/entertainment complex housing Kinopark cinemas and Captain Kid), TI'ME and Chronograph (luxury watch and jewelry boutiques), Courtyard by Marriott Yerevan, PAUL and Cofix (F&B), and Megafood (food importation and production). The group is the official CIS representative of 200+ international brands including Pandora, TOUS, Damiani, Marriott, and PAUL.

The company generates revenue through a diversified mix of recurring telecom subscriptions, retail sales of luxury and consumer goods, hospitality and entertainment transactions, and licensing/royalty arrangements from international brand representation. The distribution model combines physical retail storefronts, telecom service centers, e-commerce platforms (TI'ME mobile app, Estil.io, Pandora online), and enterprise direct sales for B2B telecom services. The technology backbone includes 5G network infrastructure built with Nokia, next-generation television solutions from MediaKind, the UPlay digital entertainment platform, and proprietary IT services through IUnetworks. Recent product launches (Ucom 5G, UPlay, Damiani and TOUS brand entries) indicate active investment in both organic technology and inorganic brand portfolio expansion.

The group's go-to-market spans consumer retail, mass-market telecom subscribers, enterprise B2B clients, and luxury goods consumers across the CIS region, with over 3,000 employees and annual tax contributions exceeding 13 billion AMD (~$27M USD). Strategic positioning is anchored by 25+ years of operating history, exclusive distribution rights for premium global brands, and ongoing capital deployment into the planned 6,000+ seat Innovation and Technology Park, signaling a long-term commitment to infrastructure-led growth in the Armenian and broader CIS market.

Name

Galaxy Group of Companies

Legal name

Galaxy Group of Companies

Website

https://galaxygroup.am

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Galaxy Group of Companies is a privately held Armenian holding company operating 15 subsidiaries across telecom (Ucom with 5G), retail (Yerevan Mall, TI'ME, Chronograph), hospitality (Courtyard by Marriott, PAUL), and entertainment, serving as the official CIS representative of 200+ international brands in Armenia, Georgia, and Belarus.

Ownership category

akta.pro rank

Product category

Diversified Conglomerate

NAICS

Management of Companies and Enterprises (551), Telecommunications Resellers (517121), Optical Goods Retailers (456130), Electronics and Appliance Retailers (4492)

SIC

Retail-Jewelry Stores (5944), Retail-Radio, Tv & Consumer Electronics Stores (5731)

akta.pro primary industry

Cable Network Groups & Portfolio Operators (Multi-Channel Brands) (MPABAFAO)

akta.pro secondary industries

Luxury Jewelry & Watches Department Stores (CRAGADAF), Luxury & Designer Eyewear (CRAAAKAD)

Keywords

• Telecommunications services
• Retail distribution
• Brand representation
• Hospitality services
• Commercial real estate

Headquarters

HQ city

Yerevan

HQ country

Armenia

HQ region

Asia

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Supply Chain, Technology or R&D

Revenue model

1. Telecommunications Services: Mobile and fixed-line telecom services through Ucom brand, including voice, data, and television platforms serving both consumer and enterprise B2B segments across Armenia.
2. Retail Sales: Retail sales through owned brand boutiques (TI'ME, Chronograph) and retail centers (Yerevan Mall) including luxury goods, watches, jewelry, and consumer products.
3. Hospitality and Entertainment: Revenue from restaurant operations (Santafé, PAUL, Em Sherif), cinema admissions (Kinopark), and entertainment venues.
4. Brand Representation: Official representation and distribution of 200+ international brands in CIS region including Pandora, TOUS, Damiani, PANDORA, and others.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels4 records

Core offering

Galaxy Group of Companies is a diversified Armenian holding company that operates businesses across telecommunications (Ucom), retail (Yerevan Mall, TI'ME, Chronograph), entertainment and hospitality (KinoPark, Paul, Cofix), food importation (Megafood), and commercial real estate (Teryan 5) across Armenia, Georgia, and Belarus. The group serves as the official representative of 200+ global brands in the CIS region, distributing luxury watches, jewelry, fashion, and consumer products through owned retail boutiques.

Product overview

Galaxy Group of Companies is a diversified Armenian holding company operating since 1999 across telecommunications, retail, commercial real estate, entertainment, hospitality, and consumer goods sectors. The portfolio includes 15 companies spanning 3 countries (Armenia, Georgia, Belarus), representing over 200 global brands. Core brands include Ucom (telecommunications), Yerevan Mall (retail/entertainment complex), TI'ME and Chronograph (luxury watches and jewelry retail), KinoPark (cinema), Santafe and Paul (restaurants), Megafood (food import/production), and Teryan 5 (mixed-use real estate development). The company operates as a platform of independent business units unified under shared corporate values and governance.

Differentiator

Problem solved

Functional benefit

Brands

• Ucom: Telecommunications and IT services operator in Armenia
• Yerevan Mall
• TI'ME
• Megafood
• Kinopark
• Santafe
• PAUL Armenia
• Teryan 5
• Chronograph
• Estil.io

Products and services

• Ucom Telecommunications operator providing mobile and fixed-line network services, internet connectivity, and television entertainment solutions for consumer and enterprise customers across Armenia, including 5G network coverage in Yerevan.
• Yerevan Mall Multi-functional retail and entertainment complex featuring shopping, dining, cinema (KinoPark), and leisure facilities in Yerevan, Armenia.
• TI'ME Luxury watch and jewelry retail chain representing global brands in Armenia, offering exclusive timepieces, jewelry collections, and online shopping via mobile application for iOS and Android.
• Chronograph Luxury watch and jewelry showroom specializing in premium Swiss and international watch brands and fine jewelry, including the Damiani brand.
• KinoPark Modern cinema complex within Yerevan Mall featuring Dolby Atmos sound systems, German BARCO technology, and 4K screens offering premium movie viewing experiences.
• PAUL Armenia French bakery and restaurant bringing authentic French cuisine and bakery culture to Armenia, located in a historic building on Abovyan Street.
• Megafood Food importation and production company distributing a wide range of food products across Armenia.
• UPlay Television and entertainment platform launched by Ucom providing streaming services and digital entertainment content to subscribers.
• IUnetworks IT solutions provider specializing in software development, Call and Contact Center solutions, and enterprise technology services.
• Cofix Armenia International coffee shop chain providing accessible coffee and light meals across Armenia locations.
• Gate2 Travel Agency Travel agency services providing travel booking and arrangements for customers.
• Courtyard by Marriott Yerevan Hotel and hospitality operation under the Marriott brand at Teryan 5 mixed-use development in central Yerevan, offering accommodation and related hospitality services.
• Estil.io Fashion and lifestyle brand representing contemporary design products.
• Captain Kid Children's entertainment center operating within Yerevan Mall, providing play and entertainment services for children.
• Em Sherif Confectionery and specialty food brand offering premium food and confectionery products.

Quantifiable outcome

• Over AMD 13 billion (~$27 million) in annual tax contributions
• +1 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered flagship, core, strategic and minor.

• Galeries Lafayette GroupflagshipStrategic or Co-development Partner · 12 May 2025French luxury department store group hosted by Galaxy Group during Armenia visit. Potential collaboration for luxury retail presence in Armenian market.
• Armenia National Olympic CommitteeflagshipGTM or Marketing Partner · 22 July 2024Ucom as main sponsor of Armenian team at Summer Olympic Games, supporting national athletes and Olympic movement.
• NokiacoreTechnology or Integration · 4 July 2024Ucom signed official agreements with Nokia for network modernization as part of 5G transition. Nokia provides infrastructure and technology for upgrading mobile networks in Armenia.
• MediaKindcoreTechnology or Integration · 4 July 2024Partnership with MediaKind for next-generation television solutions and high-quality television services. Part of Ucom's digital transformation initiative.
• European Business Association in Armenia (EBA)strategicStrategic or Co-development Partner · 26 July 2023Aram Khachatryan, Co-Founder and CEO of Galaxy Group, elected as board member. EBA has 50+ member companies and supports EU-Armenia business cooperation.
• ASBIS (Apple Official Representative)coreChannel Partner/ Reseller/ Distributor · 18 July 2023ASBIS is the official Apple representative in Caucasus, Central Asia, and Moldova. Ucom serves as authorized reseller offering Apple devices, Trade-In programs, and Buy-Back services.
• French-Armenian Chamber of Commerce and Industry (CCI France Arménie)strategicGTM or Marketing Partner · 6 June 2022Memorandum of cooperation to promote Armenian-French economic relations, business culture development, and bilateral trade opportunities.
• Startup Armenia FoundationminorStrategic or Co-development Partner · 8 September 2019Joint initiative to support innovation projects and startup ecosystem development in Armenia through collaborative programs.
• Teach For Armenia Educational FoundationminorStrategic or Co-development Partner · 18 June 2019Cooperation memorandum for joint educational initiatives supporting quality education development in Armenia.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Vivendi SE: French diversified media and telecom conglomerate historically spanning pay-TV, music, publishing, and telecom assets (Universal, Canal+, Havas). Comparable to Galaxy as a multi-vertical holding company with telecom and content distribution at its core, though operating at far greater scale.
• CK Hutchison Holdings: Hong Kong-listed global conglomerate with operations in ports, retail, infrastructure, energy, and telecom (Three/Hutchison Telecom). Comparable to Galaxy as a multi-vertical holding company with telecom at its core and a strategy of regional brand and infrastructure ownership.
• Almanij / KBC Group: Belgium-based financial services and holding group with operations across banking, insurance, and asset management. Less directly comparable but relevant as a European holding company archetype with mixed-portfolio subsidiaries in adjacent markets.
• Majid Al Futtaim Holding: UAE-based diversified conglomerate operating shopping malls (Mall of the Emirates), Carrefour franchise, hotels (including Marriott agreements), and luxury retail. Comparable to Galaxy as a multi-vertical holding company combining shopping mall operations, hospitality, and brand distribution in a frontier-to-emerging market.
• Reliance Industries (Reliance Jio): Indian diversified conglomerate spanning telecom (Jio), retail (Reliance Retail), digital services, and energy. Comparable to Galaxy Group as a family-controlled emerging-market conglomerate integrating telecom and retail (including luxury brand distribution) under one corporate umbrella.

Emerging players

• YTL Corporation: Malaysian diversified infrastructure and lifestyle conglomerate with businesses in construction, utilities, hotels (Marriott partnerships), telecom, and retail. Comparable to Galaxy as a family-controlled Asian/EM conglomerate spanning hospitality (Marriott) and consumer-facing infrastructure, though with different geographic footprint.

Direct peers

• VEON Ltd: Amsterdam-headquartered telecom operator providing mobile and digital services across CIS and emerging markets (Russia, Ukraine, Pakistan, Bangladesh, Kazakhstan). Closest direct peer to Ucom given shared geographic focus on CIS frontier markets and converged mobile/tv/digital strategy.
• Millicom International Cellular: Luxembourg-based mobile and broadband operator focused on Latin America and Africa emerging markets. Comparable to Ucom as an emerging-market converged telecom operator (mobile + fixed + cable TV) seeking to upgrade networks to 4G/5G in a frontier geography.

Regional players

• Turkcell Iletisim Hizmetleri: Turkey's largest mobile operator with regional subsidiaries in Ukraine, Belarus, and Northern Cyprus. Comparable to Ucom in mobile-telecom focus and CIS/Caucasus footprint, though operating at materially larger scale.
• Damas (Damas International): Middle East-based luxury jewelry and watch retailer representing global brands such as Tiffany & Co., Bulgari, and Graff across the GCC. Comparable to Galaxy's TI'ME and Chronograph boutiques as a regional multi-brand luxury watch and jewelry distribution platform.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/galaxygroupam
• YouTubeyoutube.com/channel/UC_QdOOEOE5IQ-Uqcvkx8Twg
• Facebookfacebook.com/GalaxyGroupAM
• LinkedInlinkedin.com/company/galaxygroupam
• Instagraminstagram.com/galaxygroupam

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Galaxy Group of Companies