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Fair Action publishes report on supply chains transparency of Swedish online fashion brands following COVID-19 online shopping boom
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FNG shareholders give go-ahead for relaunch
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Ellos (for now) after all: the fashion group, formerly also the owner of
Brantano, is paying the disgruntled former owner
Nordic Capital 100 million euros. Together they will ensure a relaunch.
Settlement of 100 million
There is, at least, one fewer player claiming Ellos, the last jewel in FNG s crown: a settlement agreement has been reached with former owner Nordic Capital. FNG promises to pay Nordic Capital, albeit in the future, a sum of 100 million euros: 60 million euros of the purchase price which was still outstanding and 40 million euros for the outstanding claims related to the acquisition documents, the ex-Brantano parent announces.
FNG wants to avoid bankruptcy in order to restart its Swedish e-commerce company
Ellos Group. If the relaunch does not take place, there is a threat of value destruction, says CEO Paul Lembrechts.
Intensive and constructive discussions
Ellos Group is the only remaining operational activity from the FNG brand portfolio. The company sells and supplies interior products and clothing in Sweden, Denmark, Norway and Finland. Quarter after quarter, the e-commerce platform posted strong figures: adjusted EBITDA grew by 33 percent over the past 12 months to 30.4 million euro (until September 2020, compared to 2019) and it is expected that the fourth quarter of 2020 will surpass all previous quarters.
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