German fashion and lifestyle firm Gerry Weber International AG (GRYIF.PK) said Wednesday it acquired a majority stake in 19 established HOUSES of GERRY WEBER in Belgium. The company has also acquired a 51% stake in the twoBelgian operating companies.
In addition, a 51% stake in the sales rep operations for the regions Belgium and Luxembourg has been acquired. The purchase price for the majority investments totaled 7.97 million euros.
Gerry Weber noted that the acquisitions will be included in the group's consolidated financial statements with effect from August 1. Exceptfor the sales rep operations, they will form part of the Retail segment.According to the contractual provisions, Gerry Weber International AG has apreemptive right to acquire the remaining 49% from the year 2017.
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