N Brown Group plc (BWNG.L), an internet and catalogue home shopping company, Tuesday announced the acquisition of the entire share capital of Figleaves Global Trading Ltd, which trades as Figleaves.com, for a total consideration of GBP 11.5 million.
N Brown Group noted that the acquisition will expand 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's Chief Executive Alan White commented, "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."
BWNG.L shares are currently trading at 270.20 pence, up 7.40 pence or 2.82% on the LSE.
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