Australian fashion retailer City Chic Collective is in an acquisition spree since last two years!
In one such latest move, the fashion retailer has announced that it has bought the German plus-size e-tailer Navabi for AU $ 9.6 million (€6 million).
As per the deal, City Chic now has control over 100 per cent of shares in Navabi, which also includes its assets and liabilities.
Notably, the German e-tailer’s assets comprise €2.1million cash net of tax liabilities.
The acquisition of Navabi by City Chic is seen as a part of latter’s drive to expand into the European market. Here it is important to mention that City Chic had acquired UK-based fashion retailer Evans in 2020.
Also Read: Arcadia sells Evans to Australian clothing firm for £23 million
Delighted over the acquisition, Phil Ryan, CEO and MD, City Chic, said that Navabi is an exciting strategic opportunity, which will help City Chic get a strong foothold in the €40 billion European plus-size market.
Importantly the acquisition will be funded by City Chic’s existing cash balance, which stood at AU $ 71.5 million on 27 June 2021.
Meanwhile, it will be interesting to see City Chic’s annual sales performance as the retailer plans to release its audited FY21 results late next month.
The Sydney-based clothing retailer generated US $ 148 million in 2019.
