OVS speeds up Charles Vögele’s transformation

OVS speeds up Charles Vögele’s transformation

After Italian department store chain OVS acquired onerous store chain Charles Vögele late last year, it now announced it will speed up the transformation into OVS stores.

By the end of 2018

The Swiss fashion company struggled for years, before OVS, alongside Retail Sempione and two other companies, decided to acquire it and transform the stores into its own OVS stores. CEO Stefan Beraldo has now revealed the process to turn the Charles Vögele stores into OVS stores will pick up pace.

 

Up until now, OVS has only turned eleven Slovenian stores into its own stores and it will do similarly with 150 Swiss stores starting this summer. By the end of 2018, the entire process should be finished, including the stores in Austria and Hungary. The goal is to increase OVS’ turnover to surpass two billion euros, in part thanks to an international expansion. Beraldo expects this to be possible and boasts that the company is currently growing faster than its competitors H&M and Inditex.

 

Things will not change for the Belgian market (nor the German or Dutch markets) as OVS did not acquire these Charles Vögele divisions, and stores here have already been sold to other companies. For instance, Bel&Bo has acquired about a third of the Belgian Charles Vögele stores. 

Questions or comments? Please feel free to contact the editors


Gerelateerde items

Fewer customers and lower turnover for H&M

15/12/2017

Swedish H&M Group suffered a 4 % turnover drop in the fourth quarter because its stores welcomed fewer customers.

Hunkemöller is European Retailer of the Year

14/12/2017

Dutch lingerie chain Hunkemöller has been elected “Retail of the Year Europe 2017-2018”. Q&A, which also elects a “Retailer of the Year” in Belgium and the Netherlands, organized the election for the third time.

Amancio Ortega leaves Inditex with strong quarterly growth

14/12/2017

Over the first three quarters of fiscal year 2017, Inditex’ turnover grew 10 % to 17.96 billion euro. The Spanish fashion company published the results as its boss, Amancio Ortega, stepped down.

Glimmer of hope for fashion retail in 2018

08/12/2017

McKinsey wrote in its The State of Fashion 2018 study that the industry has survived the harshest, even though nothing will ever be as it used to be. Growth will come from southern and eastern regions; fast-fashion will become even faster and the large companies will become even larger.

Gucci investigated for tax avoidance

04/12/2017

The Italian police raided Gucci’s offices in Milan and Florence, looking for evidence of tax avoidance. The fashion label admitted there was an investigation and that it is fully cooperating.

Quiksilver wants to acquire Billabong

01/12/2017

Surfing brand Quiksilver tabled a 150 million dollar (125 million euro) bid for its competitor, Billabong. It may be the latter’s only way out, with compounding losses in the past few years.

Back to top