Anders Holch Povlsen, CEO and owner of the Bestseller Group
18 Jun. 2014
Bestseller Group aquires online discount retailer M and M Direct
The Danish Bestseller Group further strengthens its online power: On Monday, UK-based mail-order and online discount retailer M and M Direct Ltd (“M and M”) announced it has signed a definitive agreement to be acquired by Bestseller for up to £140 million.
The purchase is a financial investment and the two companies will remain separate units. The sale is contingent upon standard regulatory clearance and is expected to be completed within eight weeks. Additional terms of the agreement were not disclosed.
“We have worked with M and M for several years, and we have come to know the people within the company as passionate and hard-working people who have achieved many positive results lately. […] We trust that the collaboration will become beneficial for both our companies in the long run, and we look forward to be working with and learning from M and M on areas like mobile sales,” said Mogens Werge, Communication Director at Bestseller.
M and M is one of Europe’s leading online and mail order retailers of discounted lifestyle, fashion and sports apparel and footwear. The company has dedicated local market websites covering the UK, German, French, Austrian, Dutch and Polish markets, and also serves more than 20 additional countries worldwide. It has more than 1.3 million active customers and 50 million website visits a year. M and M was founded in 1987 and has been owned by private equity firm TA Associates since 2007.
In the past few years, the Bestseller Group, resp. its owner Anders Holch Povlsen, has also acquired considerable shares in online retailers StylePit, Zalando and Asos.
|Back to home|