25 Nov. 2010
H&M ACQUIRES REMAINING SHARES IN FABRIC SCANDINAVIEN ABSwedish retailer H&M has acquired the remaining 40% of the shares in Fabric Scandinavien AB, the group that owns the Weekday, Monki and Cheap Monday brands. Thus, Fabric Scandinavien AB will be incorporated completely into the H&M group but the brands will still be operated as separate concepts.
In spring of 2008, H&M had acquired 60% of the shares of privately owned Swedish company Fabric Scandinavien AB. The purchase agreement at that time also included the option to acquire the remaining shares in the group. The purchase price for the remaining 40% of the shares was SEK 8 million in cash, making the total price paid by H&M for Fabric Scandinavien AB SEK 552 million. The company was sold by its founders Adam Friberg, Lars Karlsson, Örjan Andersson and Linda Friberg.
H&M has great faith in the concepts of Weekday, Monki and Cheap Monday, which are supposed to have great potential in the future. Since the first acquisition by H&M in 2008, the total number of stores has increased from 20 to 66 with a further expansion and international roll-out to continue in the future.
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