Polarn O. Pyret acquires 51 percent of master franchise business in Finland
Polarn O. Pyret AB acquires 51 percent of the shares in Kids Company Oy in Finland. Kids Company Oy, which is the master franchise business of Polarn O. Pyret in Finland, operates twelve proprietary physical stores as well as an e-commerce store and three franchise stores. The operation generated net sales of about MSEK 100 in 2015.
Kids Company Oy has twelve stores situated throughout Finland with a concentration to the urban areas, an e-commerce store as well as three franchisee stores. The company is expected to generate net sales of about MSEK 100 on a yearly basis with good profitability.
The acquisition is expected to close on March 31, 2016 and also includes a mutual option to acquire respectively sell the remaining 49 percent within a period of four years. Anne Nikula, founder of Kids Company Oy, will remain in her role as CEO of the Finnish business after the acquisition.
- The takeover of the Finnish franchise business is being carried out in light of the strategic review of Polarn O. Pyret we currently are conducting. One of our findings from this review is to further deepen our presence in our core markets. The acquisition will enhance Polarn O. Pyrets´ market leading position in the Nordic region, says Magnus Håkansson, President and CEO of RNB RETAIL AND BRANDS.
- I am very happy that we have managed to acquire the Finish franchise business. It’s a stable business both in terms of profitability and sales with a strong market position. Net sales in the physical stores continue to grow which is also the fact for the e-commerce business. We have also established a solid plan to increase the number of proprietary stores in the coming years, says Nanna Hedlund, CEO, Polarn O. Pyret.
For further information, please contact:
Nanna Hedlund, vd Polarn O. Pyret, tfn: +46 8 410 521 77, +46 768 87 21 77, e-mail: nanna.hedlund@polarnopyret.rnb.se
The information is such that RNB RETAIL AND BRANDS AB (publ) is required to disclose in accordance with the Swedish Financial Instruments Trading Act and/or the Swedish Securities Market Act. The information was submitted for publishing on March 24, 2016, at 07:15 a.m.
RNB RETAIL AND BRANDS owns, operates and develops fashion, clothing, accessories, jewelry and cosmetics stores that focus on providing excellent service and a world-class shopping experience. Sales are mainly conducted in Scandinavia through the store concepts Brothers and Polarn O. Pyret, as well as through shops in the department stores NK in Stockholm and Gothenburg. RNB RETAIL AND BRANDS has operation in 12 countries. RNB RETAIL AND BRANDS has been listed on the OMX Nordic Exchange since 2001.
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