FAS approved the purchase of Jamilko Russian business Mothercare
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The Federal Antimonopoly Service (FAS) has approved the application of MFC Jamilco JSC for the acquisition of Monex Trading LLC, an ex-franchisee of the Mothercare network. About this press service of the department informed in the Telegram channel.
“As a result of the transaction, the acquirer will increase the number of its stores at the expense of Monex Trading LLC stores, expand the staff to 900 people, and will also develop business in the related retail sector,” the report says.
The FAS considered that this deal would not limit competition in the clothing and footwear retail market, while the sale of the Russian business of Mothercare to Jamilko would save jobs.
At the same time, the agency noted that the deal to acquire the ex-franchisee of the Mothercare network was concluded before the approval of the FAS. In this regard, the department is considering the issue of bringing Jamilko to administrative responsibility.
“Jamilco” filed application to the FAS for the acquisition of Monex Trading on November 16. In early December, IFC Jamilco applied for the registration of the Motherbear brand.
The Russian business of Mothercare was run by the Kuwaiti Alshaya Group, it owned the master franchise of the British children’s goods brand in Russia. In the summer, the company decided to sell its assets in Russia. In September, it became known that Jamilko could claim to acquire a women’s clothing store.
Earlier, experts interviewed by Vedomosti estimated the value of the Monex Trading business at 4 billion rubles, while the owner hoped to give up the business for twice as much, optimizing the number of stores and leaving inventories for 3 billion rubles.
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