The Åhléns Group has signed an agreement concerning the acquisition of Departments & Stores Europe AB.

The Åhléns Group has signed an agreement concerning the acquisition of Departments & Stores Europe AB. The company is part of listed RNB Retail and Brands AB. The acquisition is conditional pending a decision by the Extraordinary General Meeting of RNB the 15th of April and approval by the Swedish Competition Authority. The acquisition will enable The Åhléns Group to strengthen its position as one of the leading retail trading companies in the Nordic region.

Departments & Stores Europe is the single largest player at the two NK department stores in Stockholm and Gothenburg. The company operates several departments within fashion, beauty, accessories, watches and jewellery.

“Departments & Stores Europe is a well-managed company with skilled employees and a highly attractive marketplace in the NK department stores in Stockholm and Gothenburg. Departments & Stores Europe also shares our positive view of department stores as a platform for customers seeking a shopping experience,” says Thomas Axén, President and CEO of The Åhléns Group.

 
The Åhléns Group, which is part of the family company Axel Johnson AB, continued following its expansion strategy in 2008, establishing 38 new department stores and specialty stores in the Nordic region through Åhléns, Kicks, Lagerhaus and myself & friends.

 
“The acquisition will strengthen The Åhléns Group’s position as a leading retail trading group and Departments & Stores Europe will be a major asset in the group’s continued growth,” says Fredrik Persson, President and CEO of Axel Johnson AB and Chairman of the Board of The Åhléns Group.

“Departments & Stores Europe’s management and employees have demonstrated an excellent ability to generate customer interest in brands with high fashion content. The company will continue operating as an independent business within The Åhléns Group and will also act as an important driving force in developing our position in the fashion industry”, continues Thomas Axén.

In the 2007/2008 financial year, the acquired business reported sales of SEK 899.8 million and operating profit of SEK 48.6 million. The company has approximately 430 employees.

For further information, please contact:

Thomas Axén, President and CEO, tel. +46 8 452 89 01
Cathrine Westerberg Wigzell, Manager Corporate Communications, tel. +46 8 452 89 46

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The Åhléns group is one of the leading retail trading groups in the Nordic region with department stores and specialty stores within Fashion, Beauty and Homeware comprising the Åhléns department store chain, specialty chain stores Kicks, Lagerhaus, myself & friends and Åhléns Norway. In over 290 department stores and stores in Sweden, Finland and Norway, the Åhléns group meets more than 300,000 customers every day. The keywords for the group are Simplicity, Clarity, Results and Commitment, which permeate the working day of the approximately 5,000 employees within the Åhléns group.www.ahlens.com

Åhléns group is part of the family company Axel Johnson AB together with Axel Johnson International, Novax, Servera and Svensk BevakningsTjänst, as well as the partly owned listed companies Axfood and Mekonomen. The Axel Johnson Group is owned by Antonia Ax:son Johnson and her family.www.axeljohnson.se