27th Jun 2014 06:55
LONDON (Alliance News) - Fashion retailer SuperGroup PLC Friday took back the rights to trading its Superdry brand in Denmark, Norway and Finland when it bought Scandinavian distributor SMAC Group.
It didn't provide any financial details about the acquisition, but said it paid for the deal with cash from internal resources.
"The acquisition of the distribution rights will assist the group in meeting its ambitious plans for the region, by freeing it to invest its own capital in the store roll-out, improve margins on the wholesale operation and retain local operational and management expertise," SuperGroup said in a statement.
Based in Aarhus, Denmark, SMAC has four of its own retail stores, eight franchise stores and a wholesale business.
"The acquisition of our Scandinavian partner follows the purchase of the Spanish and German distributors last year. Our Pan-European strategy is progressing well and we will provide an update on developments at the time of our prelims on July 10. We remain fully focussed on maximising the global opportunity for the SuperDry brand," SuperDry Chief Executive Julian Dunkerton said in a statement.
The company will on July 10 put out its preliminary results for the financial year that ended on April 26.
Last month, it saw its shares plummet after it missed sales targets in the final quarter of that financial year, and said it now expects its pretax profit for the full year to be at the lower end of expectations, hit by the promotional environment in the UK retailer sector.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
SuperGroup