Björn Borg acquires UK subsidiary.
Björn Borg has acquired the shares held by the minority shareholder of subsidiary Björn Borg UK Limited, representing 20% of total share. Following the acquisition, the UK subsidiary is now wholly owned by the group, and is a step towards the group goal of becoming a more vertically integrated Björn Borg.
The acquisition was made in conjunction with the exit by the minority shareholder as the Managing Director of the UK Company. Former UK Sales Manager Neil Smith will take over as Country Sales Manager for the UK branch.
Says Björn Borg CEO Henrik Bunge:
“We have now taken yet another step to cut the distance between the Björn Borg headquarters and the end consumer. Integration is crucial to understand and consequently make a difference for consumers on our different markets”.
The acquisition was made after the end of the first quarter, 2016.
For further information, please contact:
Henrik Bunge, CEO
Phone: +46-702 34 76 20
This information is published pursuant to the Swedish Financial Instruments Trading Act (1991:980), Chapter 4, paragraph 9. The information was released for publication on 16 May, 2016 at 8.30 a.m. (CET).
Phone: +46 708 50 53 38
The Group owns the Björn Borg trademark and its core business is underwear and sportswear. It also offers footwear, bags and eyewear through licensees. Björn Borg products are sold in around twenty markets, of which Sweden and the Netherlands are the largest. The Björn Borg Group has operations at every level from branding to consumer sales in its own Björn Borg stores. Total sales of Björn Borg products in 2015 amounted to about SEK 1.4 billion, excluding VAT, at the consumer level. Group net sales amounted to SEK approximately 574 million in 2015, with an average of 132 employees. The Björn Borg share has been listed on NASDAQ Stockholm since 2007.