Turkey’s Eroğlu Holding, which owns the brands Loft and Colin’s, has announced its purchase of the Netherlands-based fashion brand Mexx.
The group did not disclose the financial details of the acquisition in a written statement on Jan. 28, but said the annual revenue of Mexx is at around €1.2 billion.
The Turkish Clothing Manufacturers’ Association (TGSD) warned in December 2014 that a number of local companies have faced difficulties due to the bankruptcy of Mexx, which has over 300 stores worldwide.
Turkish companies lost around €10 million after Mexx was unable to make payments, and around 25 Turkish exporters asked for support from the TGSD, it added.
Eroğlu Holding told Reuters that the acquisition deal does not cover these debts.
“The brand is acquired with the exception of its receivables and debts. The deal includes the acquisition of the building, storages, brand name, logistics, management and headquarters,” said the company.
Eroğlu Holding plans to open 100 stores and reach 1 billion liras in revenue with the Mexx acquisition over the next five years, said the head of the company, Nurettin Eroğlu.
Mexx has activities in 500 stores and 5,000 sales points in 56 countries, it said.
Source: Hurriyet Daily