Home / Knowledge / News / Apparel/Garments / Swedish apparel retailer MQ acquires Joy Shop
Swedish apparel retailer MQ acquires Joy Shop
18
Mar '16
Courtesy: MQ
Courtesy: MQ
Swedish apparel retailer MQ Holding AB said it is acquiring another clothing retailer Joy Shop AB from Aktiebolaget Segulah, which will help it strengthen its position in the Nordic fashion market.

“Through the acquisition, MQ gains 54 stores in Sweden and an online shopping channel and the purchase price paid in cash amounts to SEK 38.5 million,” MQ Holding informed in a press release

MQ Holding also added that the acquisition is expected to have a neutral impact on earnings for MQ's current 2015/2016 fiscal and will be run as a separate retail brand within the MQ Group.

Retail-clothing company Joy was founded in 1971 and runs 54 wholly owned stores in Sweden as well as an online shopping website.

The company which has 350 employees, targets 50 plus women through its offerings, reported sales of SEK 258 million and an operating loss of SEK 9 million in 2015.

“With Joy as part of our Group, we will reach an attractive customer group that has strong buying power and a keen interest in fashion,” Christina Ståhl, CEO of MQ said.

“Women in the 50 plus age group account for more than half of the Swedish womenswear market and are today the market's fastest growing customer group,” she added.

“Subsequently, we see potential for growth in this segment and have a clear strategy for developing the company and at the same time, we see interesting synergies in many areas,” Stahl observed.

The transaction is conditional on the Swedish Competition Authority's approval and obtaining the consent of counterparties in certain material agreements to the ownership change.

Charlotte Nordén, CEO of Joy too said, “Joy gains more fashion expertise and retail know-how with MQ as its new owner and thereby, puts Joy in a stronger position for the future.”

“We look forward to working together with MQ to continue to develop our customer offering and further build our well-established brand,” Norden also added. (AR)

Fibre2Fashion News Desk – India

Must ReadView All

Courtesy: Li & Fung

Textiles | On 24th Mar 2017

Li & Fung forms new supply chain partnership with PVH Corp

Li & Fung Limited, the world's leader in consumer goods design,...

Courtesy: Alizilla

Apparel/Garments | On 24th Mar 2017

Alibaba's eWTP finds first overseas base in Malaysia

In a step towards using the internet to bring small businesses around ...

Textiles | On 24th Mar 2017

BJMC to produce cotton-jute blended denim fabrics

To meet demand from the market, Bangladesh Jute Mills Corporation...

Interviews View All

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search