The Appelqvist family sells GinaTricot to Nordic Capital.
New CEO will be Göran Bille from Lindex.
Nordic Capital Fund VIII has entered into an agreement to acquire the majority of the Swedish fashion chain Gina Tricot and will contribute with fresh capital to strengthen its financial position.
Gina Tricot has 180 stores in five markets: Sweden, Norway, Denmark, Finland and Germany. Online sales reaches 28 countries throughout Europe.
Gina Tricot was founded in 1997 by former JC manager Jörgen Appelqvist and has its headquarters in Borås. The chain reached early gazelle status and was a success story in the Swedish fashion market. In recent years, however, revenues has declined and the product range has not been as accurate.
In 2013 GinaTricot reached a turnover of approximately two billion SEK.
The company has made a strategic review during the past six months to reverse this trend.
Nordic Capital has therefore now become a new majority owner and will make investments and efforts to further develop the Gina Tricot concept.
“We are impressed by Jörgen and Annette Appelqvist’s visionary work in building up Gina Tricot to a niche fashion chain that always give their customers the latest trends. Nordic Capital looks forward to continue to support the company’s development with the family. Focus will be to re-establish a solid platform and then to further enhance organic growth, including the continued development of Gina Tricot’s e-commerce offer”, says Michael Haaning, Principal, NC Advisory, advisor to the Nordic Capital funds.
Also Paul Frankenius, an investor with leading positions in the fashion business, enters as a minority investor together with Nordic Capital.
“Together with Nordic Capital, we can focus on advancing Gina Tricot. Nordic Capital can help with both the financial resources and the industrial experience needed to support growth and new development for Gina Tricot. Our vision is to be the premier fashion chain in all our markets”, says Jörgen Appelqvist, Gina Tricot’s CEO and co-founder.
Appelqvist family continues to be a significant partner though. Jörgen Appelqvist will move to a senior role in the company’s board.
Göran Bille, today CEO of Lindex, takes over as CEO of Gina Tricot. He has extensive experience of over 30 years in the fashion and retail where he also has held various senior positions at H & M.
“I look forward to taking GinaTricot to the next level together with Nordic Capital and the other shareholders. Gina Tricot has an attractive position in the fast-moving fashion market and at the same time I see a great potential in strengthening the platform and continue to develop it”, says Göran Bille.
The acquisition is subject to approval from competition authorities.