Fawaz Abdulaziz AlHokair Company, a Saudi apparel and fashion retailer, has inked a deal on Feb 7, 2014 to buy the assets of Spain-based Blanco for SAR 58.2 million (Euro 11.4 million), the retailer said in a statement on Tadawul, the Saudi bourse.
The acquisition will be self-financed and there is no need for the approval of the general assembly, the company added in the statement.
The financial impact of the purchase will be shown in the last quarter of the financial year ending March 31, 2014. AlHokair expected a positive impact on its profit and revenue in the next financial year ending March 31, 2015.
In addition to the commercial brands of Blanco which were purchased last year, the deal also includes taking over Blanco’s 74 franchise outlets in 22 countries and its supporting logistic and distribution operations. The agreement covers all of Blanco’s assets in Spain, including its 177 retail shops, e-commerce department as well as all its supporting financial, technological, and logistical operations.
A new company will be formed in Spain to replace the outgoing administration. The company will keep its designers and 1200 employees.
Last year, Alhokair purchased the commercial brands Blanco, Sweet Blanco, Blanco Accessories and Blanco Stock.
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