Whyred merges operations with Hope Stockholm in a deal financed by Gotoga.

Whyred, a Stockholm, Sweden-based ecommerce fashion operation announced in a press release that it merged its operations with its competitor, also Stockholm-based, Hope Stockholm AB.

The deal, which has financial details undisclosed, involves a share transaction between Gotoga, the majority shareholder in Whyred, and Hope's former owner Anna Ringstrand, Stefan Söderberg and Varenne. Both operations will be run under their respective brands.

Hope, founded in 2007 by Ann Ringstrand and Stefan Söderberg, has a turnover of SEK 121.5 million ($13.4M) in 2017 and losses of SEK 2.6 million.

Whyred, led by Lili Assefa, was also unprofitable, at a turnover of SEK 109 million ($12M) in 2017.