Swiss Apparel Retailer Charles Voegele Was Acquired

Swiss clothing retailer Charles V Gele Holding AG (VCH:SW) announced on Monday that it will accept a full cash offer from Italian company Sempione Retail AG, which will be sold at a premium of 6.25 Swiss francs per share of 6.38 Swiss francs per share (September 16th), at a total price of 56 million Swiss francs, or about 57 million US dollars, compared with the previous day (September 16th).

Driven by trading information, one of shareholders of Sempione Retail AG -

OVS SpA (OVS.MI) surged more than 4% on Monday, and Charles Voegele Holding AG also had an increase of 2%.

The other two shareholders of Sempione Retail AG are Aspen Trust Services Ltd. and Retails Investment SRL respectively.

Since 2010, Charles Voegele Holding AG has gone from bad to worse and continues to lose money.

By the end of June, in the first half of this fiscal year, the net sales of the company fell by 3.7% to 3.78, 100 billion Swiss francs, a decline of 5.8% compared with sales, which was inhibited by the strong Swiss franc and the tourism market.

The Swiss domestic market lost 12.4% in the first half of the year.

Gross profit margin improved to 65% during the group period.

2016 in the first half of fiscal year, Charles Voegele Holding AG recorded 10 million Swiss Franc EBITDA loss, EBIT loss as high as 2600 Swiss francs, net loss 32 million Swiss franc.

For the paction, Charles Voegele Holding AG chairman of the board, Max E. Katz, said that according to the current market situation and

The reshuffle, sold to Sempione Retail AG and joint venture with OVS SpA, is the fastest way for the group to return to profitability.

He also said that Sempione Retail AG AG focused on Switzerland, Austria, Hungary, and the Leah market.

OVS SpA, which landed on the Milan stock exchange in March 2015, recorded a net sales of 1 billion 319 million 500 thousand euros in fiscal year 2015, up 7.5% from the same period last year, an increase of 1.8% compared to the sales rate, 14.3% of the 14.3% growth rate of EBITDA, and 13.6% of the EBITDA profit margin.

As of press release, OVS SpA (OVS.MI) reported 5.19 euros, up 3.39%, and Charles V Gele Gele AG AG (VCH:SW) reported 6.37 euros, up 1.92%.