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HUGO BOSS acquires UK franchise store operations
08 Feb '11
2 min read
The international fashion group HUGO BOSS has reached an agreement with its most important franchise partner in the United Kingdom Moss Bros to acquire 15 monobrand stores and related assets. The transaction will take effect on April 1, 2011. The buyout includes the Regent Street store in the capital and the recently opened locations in London's New Bond Street and Manchester's New Cathedral Street.
The purchase price will be approximately EUR 19.5 million in cash (GBP 16.5 million), subject to completion adjustments and related to certain conditions.
From strategic and financial perspectives, the acquisition holds great appeal as it extends HUGO BOSS' brand control in one of its key European markets.
Claus-Dietrich Lahrs, CEO and Chairman of the Managing Board at HUGO BOSS AG, noted: “This acquisition is a central component of our global growth strategy which relies on increasing own retail in key markets.”
HUGO BOSS UK has recently been very successful in building its retail division. Having spent the past few years establishing a retail culture, the company now believes the time is ideal to integrate the Moss Bros franchise. Including the 15 venues acquired from Moss Bros, the number of directly operated stores in the UK will increase to 35.
The purchase price will be approximately EUR 19.5 million in cash (GBP 16.5 million), subject to completion adjustments and related to certain conditions.
From strategic and financial perspectives, the acquisition holds great appeal as it extends HUGO BOSS' brand control in one of its key European markets.
Claus-Dietrich Lahrs, CEO and Chairman of the Managing Board at HUGO BOSS AG, noted: “This acquisition is a central component of our global growth strategy which relies on increasing own retail in key markets.”
HUGO BOSS UK has recently been very successful in building its retail division. Having spent the past few years establishing a retail culture, the company now believes the time is ideal to integrate the Moss Bros franchise. Including the 15 venues acquired from Moss Bros, the number of directly operated stores in the UK will increase to 35.
HUGO BOSS
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