H&M ACQUIRES REMAINING SHARES IN FABRIC SCANDINAVIEN AB
H&M has acquired the remaining 40 percent of the shares in FaBric Scandinavien AB, which runs the store chains Weekday and Monki as well as the Cheap Monday brand.
FaBric Scandinavien AB will be incorporated fully into the H&M Group, but the brands will continue to be operated as separate concepts.
In spring 2008 H&M acquired 60 percent of the shares of the privately owned Swedish fashion company FaBric Scandinavien AB through a cash purchase. The purchase agreement also included an option to acquire the remaining shares in FaBric Scandinavien AB. H&M has now exercised this option and acquired the remaining shares.
The company has expanded substantially since the acquisition in 2008, with the number of stores having increased from 20 to 66. There are now Weekday and Monki stores in seven countries. H&M has great faith in the concepts, which are judged to have great potential for the future. The expansion and international roll-out of Weekday, Monki and Cheap Monday will therefore continue.
The purchase price for the remaining 40 percent of the shares was SEK 8 million in cash, making the total price paid by H&M for FaBric Scandinavien AB SEK 552 million.
The company was sold by its founders Adam Friberg, Lars Karlsson, Örjan Andersson and Linda Friberg.
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H & M Hennes & Mauritz AB (H&M) was founded in Sweden in 1947 and stands for good value, high quality, trendy fashion. H&M has a wide product range that is divided into a number of different concepts for women, men, teenagers and children. The company’s clothing collections are created by its own designers, pattern makers and buyers. H&M has around 76,000 employees and more than 2,100 stores in 38 markets. For further information, visit www.hm.com.