Metzingen, Feb 8, 2011 (ABN Newswire) - (Global Fashion Wire) - The international fashion group HUGO BOSS (ETR:BOS3) has reached an agreement with its most important franchise partner in the United Kingdom Moss Bros (LON:MOSB) 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.
Hugo Boss AG (ETR:BOS3) is a Germany-based manufacturer of clothing for the international fashion market. The Company is represented by two core brands: BOSS and HUGO. The Company’s core brand, BOSS includes such collections as BOSS Black, providing business ensembles, casual sports clothing and evening wear for men and women; BOSS Selection, offering luxury menswear and accessories; BOSS Orange, offering casual, vibrant colors fashion for men and women; and BOSS Green, a fashion-oriented collection of menswear which also offers accessories. The HUGO brand provides unconventional and avant-garde fashion for men and women. It also offers shoes and leather accessories, as well as fragrances, cosmetics, watches and eyewear. As of December 31, 2009, the Company had 52 subsidiaries throughout the whole world.
Contact
Dr. Hjordis Kettenbach Head of Corporate Communication HUGO BOSS AG Tel: +49-7123-94-2375 Fax: +49-7123-94-2051
Dennis Weber Head of Investor Relations Phone: +49-7123-94-1326 E-mail: Investor-Relations@hugoboss.com
ETR:BOS3) has reached an agreement with its most important franchise partner in the United Kingdom Moss Bros (
Hugo Boss AG
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