GERMANY: Gerry Weber to buy insolvent retailer Wissmach
By Leonie Barrie | 10 February 2012
German fashion firm Gerry Weber International AG is taking over the assets of insolvent women's wear retailer Wissmach Modefilialen GmbH, the company revealed today (10 February).
Wissmach, which is based in Göppingen, employs around 1,000 people and operates roughly 200 stores throughout Germany. It has been in administration since October 2011.
The purchase price has not been disclosed, although Gerry Weber said the deal will be financed from its own funds. The Wissmach stores will be converted into Taifun and Samoon banners.
"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. "Our Taifun and Samoon brands [in particular] should benefit from the takeover, as it will enable us to open our own mono-label stores."
The acquisition comes after the company said it intends to expand its own retail activities with the opening of 75 to 85 new company-managed Houses of Gerry Weber stores in the 2011/12 financial year. It expects sales revenues for the year to reach EUR775m (US$1.02bn).
The firm already operates more than 520 Houses of Gerry Weber stores, more than 2,300 shop-in-shop outlets and several online shops.
Companies: Gerry Weber
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