GERRY WEBER takes over fashion company Wissmach, Göppingen/Germany
(Halle/Westphalia, 8 February 2012) Subject to approval by the Federal Cartel Office, GERRY WEBER International AG will take over the substantial assets of Wissmach Modefilialen GmbH, which has filed for insolvency, with effect from 15 March 2012. Established in 1991, the ladieswear company employs some 1,000 people and operates roughly 200 stores throughout Germany.
Göppingen-based fashion company Wissmach filed for provisional insolvency in October 2011. Insolvency proceedings were initiated on 31 December 2011. Since then Wissmach and has been under the administration of the insolvency administrator, Michael Plut, Ulm.
As part of an asset deal GERRY WEBER will take over the substantial company assets, including lease agreements, employment contracts of the branch staff as well as inventories. The roughly 200 Wissmach stores range between 70 and 120 square metres in size and are situated in attractive city centre locations and highly frequented shopping centres and malls. The two parties agreed not to disclose the purchase price. The purchase price will be financed from GERRY WEBER’s own funds.
“The takeover of the 200 Wissmach stores will allow us to accelerate the expansion of our own Retail segment even further”, said CEO Gerhard Weber. “Especially our TAIFUN and SAMOON brands should benefit from the takeover, as it will enable us to open our own mono-label stores."
The takeover of the Wissmach stores will expand GERRY WEBER’s portfolio of mono-label stores throughout Germany. Following approval by the Federal Cartel Office, the stores will gradually be converted into TAIFUN and SAMOON stores over the coming months, with GERRY WEBER investing a double-digit million amount. This step will strengthen the mono-label stores, which represent the second pillar of the Group’s Retail segment besides the Houses of GERRY WEBER.
GERRY WEBER International AG projects sales revenues of EUR 775 million and an EBIT margin of 14.8% for the current financial year 2011/12. The company intends to further expand its own Retail activities. In mid-January 2012, it had already announced the opening of 75 to 85 new company-managed Houses of GERRY WEBER for the financial year 2011/12.
About GERRY WEBER
Five powerful fashion brands - GERRY WEBER, GERRY WEBER EDITION, G.W., TAIFUN and SAMOON by GERRY WEBER - make GERRY WEBER International AG one of the leading German fashion and lifestyle companies.
The firm founded in 1973 has since grown into an international fashion group with more than 520 HOUSES of GERRY WEBER, more than 2,300 shop-in-shop outlets and several successful online shops for its brands. Employing over 3,000 people worldwide, the Group has distribution structures in some 60 countries and is one of Germany’s best known and most successful listed fashion companies. GERRY WEBER International AG forms part of the MDAX index of the German stock exchange.
Admitted to the Regulated Market of the Frankfurt Stock Exchange (Prime Standard)
ISIN: DE0003304101
WKN: 330410