Italian Sempione Retail wants to acquire Swiss fashion chain Charles Vögele, whose board of directors asked its shareholders to accept the bid.
New clothing and store formula
Sempione would be willing to pay 56 million Swiss francs (50 million euro), but demands at least 70 % of shares by the end of the bidding period (from 26 October to 23 November).
”We have made substantial progress on Charles Vögele’s turnaround in recent years. However, in light of the latest market developments and the related shakeout of the whole clothing market, the Board believes that a take-over by Sempione Retail and a cooperation with OVS S.p.A. would accelerate the turnaround and the return to profitability“, chairman Max Katz said in a press release.
If approved, Sempione wants to focus on the Swiss, Austrian, Hungarian and Slovenian markets and develop a new store and clothing formula.
Charles Vögele currently has 760 stores in 7 countries, but has been onerous for several years. Earlier this year, the company announced it would pull out of the Belgian market as well.
