Turkish Eroglu Holding buys Mexx | RetailDetail

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.

Questions or comments? Please feel free to contact the editors


Carrefour Belgium launches personal shoppers with 90 minutes delivery

19/07/2018

In the intense struggle for the customers' favour, Carrefour Belgium has presented a new service - featuring personal shoppers, delivery within 90 minutes and an app that can be expanded into a market place.

Cultured meat in stores by 2021?

18/07/2018

Commercialization of laboratory cultured meat is coming closer. Pioneer Mosa Meat has raised 7.5 million euros for the construction of a factory that will bring an affordable product to the market within three years.

Aldi commits to renewable energy

17/07/2018

Aldi Nord has published an ambitious international climate policy: the retailer wants to reduce greenhouse gas emissions by 40% by 2021 and reveals some compelling figures in its second sustainability report.

Discounters' major opportunities for growth in Western Europe

16/07/2018

Despite the multitude of stores in most European markets, discounters plan to open up to ten million square metres of store surface in five years' time. Even in so-called saturated markets they still see a lot of chances for growth, LZ Retailytics says.

Contamination bites huge chunks of Greenyard's value

16/07/2018

Vegetable producer Greenyard is under attack after a listeria contamination in its Hungarian factory. The company says to have taken all necessary measures, but the share price plummets.

Starbucks dumps plastic straws worldwide

12/07/2018

American coffee company Starbucks will ban plastic straws in their stores starting from 2020. A small step for coffee enthusiasts, but a big step for the environment, as the coffee giant uses about a billion straws every year.