MFG acquires new brand
Melon Fashion Group (MFG), of which Eastnine AB (publ) owns 36 per cent, has through a press release announced that the company has broadened existing brands; befree, ZARINA and LOVE REPUBLIC, with another brand; SELA.
MFG will take over 278 stores located in five countries: Russia, Moldova, Kazakhstan, Kyrgyzstan, the Republic of Belarus, and one online store. Of these, 143 comprises own stores and 135 franchise. The total selling space increases by 55,000 sq.m.. After the acquisition MFG comprises 857 stores with a total area of 202,000 sq.m..
The transaction amount is not disclosed. Eastnine does not add any new capital to MFG in connection with the acquisition.
For more information contact:
Kestutis Sasnauskas, CEO, +46 8 505 97 700
Britt-Marie Nyman, CFO and Deputy CEO, +46 70 224 29 35
Eastnine AB (publ) is a Swedish real estate company with a net asset value of EUR 243.5m. The company is currently transitioning into a focused real estate company, with an aim to generate predictable cash flows by being a long-term provider of sustainable prime office space in the Baltic capitals. Eastnine is listed on Nasdaq Stockholm, Mid Cap, sector Real Estate.