The Group, a multinational business with more than 60 years of fashion heritage, will also increase support for its womenswear brands Sandwich and Turnover.
The moves are part of the Group’s efforts to strengthen its presence in its core markets, following a recent strategic brand and operational review.
The Group will also spin off its high-end luxury womenswear brand Stills in July 2013, and begin a search for a suitable partner to acquire its children’s wear brand NoNo.
“These changes will focus us completely on the highly-competitive mid-market women’s fashion wear segment,” says CEO Martijn Veldhoven, speaking from the Group’s corporate headquarters in Amsterdam.
"We must maintain our competitiveness, operate as efficiently and effectively as we can, and go for growth. Our ambition is a highly-focused family of closely-related brands, and a fully-aligned operational structure to realise it."
“As an on-fashion brand that appeals to younger consumers, DEPT is a great fit for Veldhoven Group,” says Veldhoven.
“It enhances our position in the mid-market womenswear segment by increasing our overall brand presence and extending our reach to slightly younger consumers.”
The Group will integrate DEPT into its portfolio during 2013. “We are delighted to welcome DEPT to our family,” says Veldhoven. “It complements our existing brands and has huge potential.”
Stills and NoNo
The Stills and NoNo brands are also expected to benefit from the changes. "Each brand requires more specialised support so it can focus better on its particular market segment. It's about letting them go to grow," explains Veldhoven.
As of July 2013, Veldhoven Group will spin off Stills, although the Veldhoven family will retain ownership, and the brand will continue to benefit from the Group’s expertise and support. Design Manager Martin Tramper will maintain leadership of the brand. The new company will also take ownership of the Stills stores in Amsterdam, Antwerp and Harvey Nichols London.
"Stills is a unique brand with a clear and differentiated brand promise, a strong collection built on design-mindedness, and its own supply chain," says Veldhoven. "We are confident that the brand will gain significantly from more independence, a market-aligned structure, and the ability to source its own specialised support."
The Group has also begun the search for a suitable new owner for NoNo, to be in place by the end of 2013. Says Veldhoven, “We are committed to finding a home for NoNo that better fits its segment and needs. To this end, we are exploring opportunities for suitable external partners to acquire the brand.”
NoNo’s operations will be unaffected by the changes. “While this is in progress, it’s business as usual for NoNo,” says Veldhoven. “The brand will continue to receive our full support and total dedication."
Concludes Veldhoven, "We firmly believe that these initiatives will make us stronger as an organisation and brand in our core mid-market womenswear segment.”
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