Up-and-coming clothing retailer expands trading space by almost a third
Monsoon has snapped up 47 Etam stores, boosting trading space across the group by 30 per cent. Etam UK (store pictured) was acquired two weeks ago by retail tycoon Philip Green, who at the time said he planned to offload about 50 shops.
The acquisition and conversion of the stores to Monsoon and Accessorize has been undertaken for a consideration of£43 million. There will also be a fixed asset write off for Monsoon, from the closure of small stores and disposal costs of about£6 million.
'We are pleased with this acquisition, which will expand Monsoon's presence across the British high street, bringing us into a number of new towns and cities where we do not have a presence,' said Monsoon chairman Peter Simon.
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