Ellos Group was acquired by the Dutch fashion group FNG.
Ellos Group, a Borås, Sweden-based e-commerce operator in fashion and home furnishings throughout Scandinavia, announced that it was acquired by the Benelux-based fashion group FNG NV.
The deal values Ellos at approximately SEK 2,400 million ($254M). Following the transaction, both shareholders, Nordic Capital and Paul Frankenius, through Frankenius Equity AB, will remain a minority owner in the combined company. Ellos was acquired and merged together with Jotex in a 2013 deal made with Redcats, a wholly-owned subsidiary of the French company PPR.
Following the change in ownership, Ellos Group will be able to offer Nordic customers FNG brands through its own e-commerce platforms, while Ellos Group’s own range of fashion and home furnishings will be available to new customer groups in Europe via FNG’s existing e-commerce platforms and physical stores.
The Ellos Group, led by CEO Hans Ohlsson, consists of Ellos, Jotex and Stayhard and together they form the leading e-commerce group in Nordic fashion and home decoration. The Group is primarily serving Sweden, Finland, Norway and Denmark, has around 500 employees and annual sales of approximately SEK 2.6 billion ($280 million).
FNG, founded in 2003, led by CEO Dieter Penninckx, designs and distributes clothing and footwear for women, children and men through its own concept stores in Belgium and the Netherlands, as well as through a network of several brand stores in Benelux and elsewhere. The company is listed on Euronext Brussels and Euronext Amsterdam, has over 3,000 employees and total sales of approximately EUR 500 million ($562M).