Last checked at 15 Jun 2010 09:35
N Brown Group plc
Acquisition of Figleaves
London, 15 June 2010- N Brown Group plc, the internet and catalogue home shopping company, today announces the acquisition of the entire share capital of Figleaves Global Trading Limited, which trades as Figleaves.com, for a total consideration of £11.5m. Figleaves is one of the ultimate online destinations for lingerie, underwear and swim wear and is forecast to generate turnover of £23m for the year to June 2010.
Figleaves.com now offers its customers the largest range of lingerie and underwear brands with over 100 brands in sizes ranging from AA to K cup and 28"-56" back size. Over 1.2 million customers visit the website each month and the business delivers to over 100 countries, including the USA.
The acquisition of figleaves.com will consolidate N Brown's position as the UK's number one online lingerie retailer (Source: Kantar Worldpanel). The acquisition also expands N Brown's brand portfolio to appeal to both a younger and a more 'premium' demographic group. The Board of N Brown Group believes that there are significant opportunities to generate both sales and profit growth through managing the business as part of a broader portfolio of brands. N Brown will be working with the existing management team to create an integration plan and activity to grow the business, utilising the benefits of N Brown's scale and identifying cross-selling opportunities from our other clothing and footwear ranges.
Commenting on the acquisition, N Brown's Chief Executive Alan White said:
"We are thrilled to welcome figleaves to our portfolio of brands and are very excited about this acquisition which strengthens our position as the UK's largest online retailer of lingerie. It also demonstrates our commitment to continue to expand the e-commerce proportion of our business and to extend our product offers and customer base."
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For further information please contact:
| Kreab Gavin Anderson |
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| Fergus Wylie / Clotilde Gros | Tel: 020 7074 1800 |
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