Icelandic investor BG Partners has acquired a 50% stake in fashion firm Metropol, one of Denmark's fast-growing companies, writes financial daily newspaper Børsen. The acquisition price tag has not been revealed, but according to managing director Tommy Hyldahl, who sold 50% of his 100% ownership, a satisfactory deal was struck.
"We are gaining a strong partner who can help us fulfil our ambition to double revenues and pass the half-a-billion kroner mark in wholesale sales by 2010. They have good contacts with department stores in Europe where we would like to have shops-in-shops, and can help find franchise partners. They have already helped us in a number of areas in recent months, and have been good ambassadors for Metropol," says Hyldahl.
Metropol has just launched a new store concept called Norr, which will sell Metropol's own clothing brands as well as a number of lifestyle products such as lamps and furniture. The stores will run on a franchise basis with Metropol as a 50% partner. So far, stores have been opened in Rome, Tallinn, Stockholm and Istanbul.
"With our new Icelandic co-owner, we would like to open a store every month for the next few years. And perhaps the momentum will increase over time," comments Hyldahl.
Metropol, which is based in Aarhus, Jutland, designs and sells St-Martins, S'nob, Trousers, Black Milk and Margit Brandt for women and Suit for men. Production is carried out in China where the company is the co-owner of two factories, and in Turkey. UK and the Netherlands are the largest markets, but the brands are also sold in Latvia, Turkey, Dubai, Saudi Arabia, Bahrain, US and Canada.