Turkish Eroglu Holding buys Mexx

Turkish Eroglu Holding buys Mexx

Turkish Eroglu Holding has acquired fashion brand Mexx and plans to relaunch several dozen stores all across Europe. The financial details have not been divulged, while negotiations about the Belgian branch are still on-going.

More information next month

CEO Nurettin Eroglu has said he would be willing to reopen several dozen stores all across Europe, but has refused to comment any further. "Mexx has 500 stores in 56 countries and generates a 1.2 billion euro turnover. We hope this acquisition will help us expand our reach in the worldwide fashion world", he said. Eroglu Holding, founded in 1983, currently manages more than 600 stores in 38 countries, like Turkey, United States and several European countries.

 

Eroglu will present his plans for Mexx next month, but Dutch guardian Frits Kemp believes a majority of the 1,500 employees (500 in the Netherlands) will be able to stay on.

 

At its height, the Mexx group managed a billion euro in turnover, but that had plummeted down to 254 million euro in 2014, which - according to the guardian - meant the group saw its turnover falter 10 % per year. Mexx Europe's capital was nearly 40 million by the end of 2012, but that had turned into a loss of 28 million euro by the end of October 2014. In the end, the company had to declare bankruptcy in December 2014.

 

No white smoke for Belgian branch

There still is no deal for the Belgian branch of the Mexx fashion group, but the guardians have refrained from such a discussion as talks are still on-going and they do not wish to jeopardize the proceedings.

 

Mexx Belgium had about a dozen stores and several "shop in shops", like at Inno. The Belgian branch used to employ 180 people, but they have all been let go.

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