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Van de Velde buys majority of {intimacy} USA
Apr '10
Van de Velde acquires the majority of {intimacy} USA.{intimacy} is a multibrand lingerie retail chain in the USA, with an expected turnover for 2010 of 38m$, which has grown from 3 stores in 2007 to an expected 12 to 14 stores end 2010. It is managed by Susan and David Nethero who held 50,1% of the shares thus far, the remaining 49,9% were in the hands of Van de Velde. {intimacy}'s positioning and roots are in providing brastyling experiences to women with the objective to increase women's self-esteem.

Van de Velde and the Nethero's have reached an agreement whereby:

• Van de Velde will acquire another 35,1% of the shares (effective 26 April 2010), as a result of which Van de Velde will own 85% of the shares and the Nethero's will keep 15%.
• Van de Velde will obtain a majority vote in the Board of Directors.
• The Nethero's will continue to manage the company within the parameters established by the Board.
• Van de Velde has the possibility to acquire the remaining 15% in the future.

Van de Velde will pay 13,5m $ for this additional shareholding. Price adjustments can be determined at a later stage mainly based on performance metrics for the future.

Van de Velde will fully consolidate {intimacy} as from 26 April 2010. This consolidation will have a significant effect on 31 December 2010 IFRS-based consolidated financial statements of Van de Velde. The impact will be detailed during the presentation of the mid-year results.

The strategic mission of {intimacy} remains unchanged:

• It will continue its expansion throughout the USA with an objective to establish a total of at least 20 stores in major cities across the country.
• It will do so within its strong culture of consumer care and employee commitment, supported by clear and ambitious marketing programmes.
• It will continue as a multibrand chain, with a primary interest to have a brand portfolio that best serves its customers.

Susan and David Nethero, Founders, CEO and President of {intimacy}: “Our strategic alliance with Van de Velde has grown stronger since its formation over 3 years ago and the sale of additional interest in {intimacy} is a logical next step. Van de Velde's long term interest in the growth of our brand, our retail presence and our employees is extremely important to us. We are confident our shared values and commitment to Changing Women's Lives provide the foundation for an even stronger {intimacy} – Van de Velde alliance.”

Ignace Van Doorselaere, CEO of Van de Velde underlines the commitment to {intimacy}: “The last 3 years have demonstrated that {intimacy} and Van de Velde have created a strong alliance. We have every interest in pursuing it, and even reinforcing it. The {intimacy} story is one that its founders and employees should be proud of. We aim to encourage them to continue in the same spirit as before”.

Van de Velde SA

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