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Iceland:Fashion retailer Baugur to introduce
MK One in European supermarkets |
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2005-1-6
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Icelandic retailer Baugur hf has unveiled plans to launch recently acquired British fashion brand MK One in supermarkets in Iceland and continental Europe.
The Reykjavik-based retailer, which bought budget fashion chain MK One in mid-November 2004, will put the MK One on the shelves of company-owned supermarkets in Iceland in a first step and intends to sell the brand in Europe in the long term.
Baugur''s Chief Executive Officer, Jon Asgeir Johannesson, is looking to fill a gap in the clothing offer at supermarkets on the continent, which in the UK is occupied by brands such as Cherokee at Tesco and George at Asda.
With the support of Icelandic bank Landesbanki, Baugur paid £55 million (€78.6m) for MK One, which operates 179 stores in the UK and has annual sales of approximately £139 million.
Baugur has capability for buying British companies and has added the Karen Millen, Whistles, and Oasis clothing chains to its portfolio over the past 18 months as well as jewellery chain Goldsmiths and toy retailer Hamleys.
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