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

Textiles | On 24th Jun 2017

Applied DNA to tag cotton for 2017/18 US ginning season

Applied DNA, provider of DNA-based supply chain security,...

Apparel/Garments | On 24th Jun 2017

NPD Group launches Trend Tracker for apparel trends

Global information company the NPD Group has launched Trend Tracker,...

Textiles | On 24th Jun 2017

Cotton USA’s first innovation competition in UK ends

Cotton USA has announced the successful close to its first innovation ...

Interviews View All

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Eamonn Tighe
Nature Works LLC

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

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Bani Batra

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

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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:
June 2017

June 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search