The announcement for acquisition was made on March 17, 2016, and the acquisition was made for a purchase price of SEK 38.5 million.
All the conditions for the transaction have been met, including an approval from the Swedish Competition Authority and consent from for the change in ownership from both the parties.
Commenting on the acquisition, Christina Stahl, CEO of MQ Holding said, “We are pleased to announce the completion of acquisition, and that Joy is now a part of MQ. With its 55 stores and online sales in Sweden, Joy adds an established retail chain brand for ladies fashion to the MQ Group.”
“Joy caters to midlife women and thereby adds a new, interesting and affluent customer group with a keen interest in fashion to the MQ Group. Women in the 50+ age group account for more than half of the Swedish womenswear market, and are today the market's fastest growing customer group,” she added. (MCJ)
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