RetailDetail EU
Europe - EN
  • België - NL
  • Belgique - FR
  • Nederland - NL
  • Europe - EN
  • About us
  • Contact
  • Subscribe
  • Sign in user
  • News
    • Food
    • Fashion
    • Home
    • Electronics
    • Beauty/Care
    • DIY/Garden
    • Leisure
    • General
  • RetailDetail Plus
  • Events
  • Hunts
  • RetailHub
  • Advertising & Partnerships
    • EVENT PARTNERSHIPS
    • PRINT ADVERTISING
    • ONLINE ADVERTISING
RetailDetail EU
Europe - EN
  • België - NL
  • Belgique - FR
  • Nederland - NL
  • Europe - EN
  • About us
  • Contact
  • Sign in user
  • News
    • Food
    • Fashion
    • Home
    • Electronics
    • Beauty/Care
    • DIY/Garden
    • Leisure
    • General
  • RetailDetail Plus
  • Events
  • Hunts
  • RetailHub
  • Advertising & Partnerships
    • EVENT PARTNERSHIPS
    • PRINT ADVERTISING
    • ONLINE ADVERTISING
thumb
Written by Maarten Reul
In this article
  • Companies EllosFNG
  • Topics AcquisitionBankruptcy
  • Geography BelgiumScandinavia
Share article
  • facebook
  • instagram
  • twitter
  • linkedin
  • email

Administrators FNG want to undo Ellos sale

icon
Fashion25 November, 2022

Another episode in the saga of Belgian FNG‘s bankruptcy: its administrators now try to secure an acquisition fee for Swedish e-commerce platform Ellos, or – failing that – the cancellation of the sale.

Ellos broke camel’s back

In an attempt to secure more money for FNG’s creditors, which are still owed some 350 million euros, the administrators have taken another look at Nordic Capital‘s acquisition of Ellos for the symbolic sum of one euro. Quick reminder: in 2019, Belgian fashion group FNG was still hugely ambitious and it bought Ellos from Nordic Capital for the princely sum of 229 million euros in order to secure further geographical expansion.

However, this proved to be the acquisition too many for FNG, and the bubble burst in 2020, resulting in the collapse of the fashion empire. Because of a complex structure using a lot of different subsidiaries, the only company really left in FNG’s shell after the bankruptcy was Ellos. Rather than waiting in line with the other creditors, Nordic Capital made sure that it gained full control over Ellos again, a move enabled by the fact that FNG had never fully paid Nordic for its Swedish acquisition.

Surcharge or cancellation

FNG and Nordic Capital agreed that the former was to pay the latter 100 million euros for Ellos. This obviously never happened due to FNG’s financial problems, but when the Belgian group finally collapsed, it returned the Swedish webshop to its former owner for one symbolic euro, as a compensation for the unpaid debt. It is precisely this deal that curator Geert Van Deyck is now protesting against, Belgian newspaper De Tijd reports.

The administrators hope to make sure that a larger sum of money can be passed onto the creditors, who are still owed 350 million euros (of which more than half is still owed to the banks). However, the timing is a bit off for such a case as the whole sector of e-commerce is suffering from a downturn after the surge during the pandemic. Ellos saw its sales stagnate and its profit margin drop from 14.3 % in 2019 to just 2.1 % now. How much the administrators still can earn extra from the sale, therefore remains to be seen…

Stay up-to-date

Receive our free newsletters and do not miss out on the latest retail news.

Subscribe
logo

Another episode in the saga of Belgian FNG's bankruptcy: its administrators now try to secure an acquisition fee for Swedish e-commerce platform Ellos, or - failing that - the cancellation of the sale.

More on Fashion
See more
  • icon
    Fashion28 September, 2023
    H&M restores profit margins and China relations

    The Swedish H&M Group is finally seeing its profit margins improve, even though the warm September weather is detrimental to winter clothing sales. In China, the fashion giant did manage to improve its position again after a lengthy boycott.

  • icon
    Fashion28 September, 2023
    Sustainable denim in Europe: this is how C&A does it

    For two years now, C&A has been making jeans in Europe again, although this is proving no mean feat: in a German factory, the company is banking on automation and innovative production techniques to bring a sustainable and affordable collection to market.

  • icon
    Fashion19 September, 2023
    H&M ends free returns

    H&M has started charging for returns, with concrete rules varying by country. While in the Benelux going to a store to return an online order remains free, British customers will have to pay for that as well.

Events
  • 19
    Oct
    Category Management Congress
  • 23
    Nov
    RetailDetail Night
Most read
  • icon
    Fashion13 September, 2023
    Inditex achieves record margins in inflationary times
  • icon
    Fashion19 September, 2023
    H&M ends free returns
  • icon
    Food8 September, 2023
    Carrefour exposes “shrinkflation” in stores
  • icon
    Fashion15 September, 2023
    H&M Group flatlines this summer
Follow RetailDetail
  • socialFacebook
  • socialTwitter
  • socialInstagram
  • sociallinkedIn
footer-logo
RetailDetail, the leading b2b-retailcommunity in the Benelux, keeps retail professionals up-to-date by means of online & offline publications, retail events, inspiring retail hunts and the unique co-creation platform retailhub, where retailers and their suppliers can experience the future of shopping.
RetailDetail Mailing Address:
Kolveniersstraat 7, bus 26 
2000 Antwerp
Visiting address:
Stadsfeestzaal – Meir 78 
2000 Antwerp
How to reach us:
Directions
© 2023 RetailDetail
general conditions | privacy policy
+32 3 500 89 59 info@retaildetail.be
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies.
Accept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT