Sonae notifies Competition of purchase of Salsa | Companies

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The Sonae group notified the Competition Authority (AdC) of the purchase of the exclusive control of IVN – Serviços Partilhados, a company that sells clothing items under the “Salsa” brand, reveals a published notice.

“It is made public that the Competition Authority received, on 19 April, a notification of a merger operation” resulting from the purchase, by Fashion Division, of exclusive control over IVN – Serviços Partilhados, read in the notice published on the AdC website.

In 2016, Sonae (group that owned PÚBLICO) had already bought another 50% of the company’s capital, through Sonae SR, now completing the purchase of the remaining capital, through Fashion Division, a company indirectly owned by the group of the late businessman Belmiro de Azevedo and dedicated to the wholesale and retail sale of ready-to-wear clothing.

At the retail level, Fashion Division operates the MO and Salsa brands, in addition to activities in the clothing and accessories market for babies and children under the “Zippy Kidstore” brand. At wholesale level, it sells children’s clothing through Global Usetbi.

IVN is a company jointly controlled by Fashion Division and Wonder Investments, active in the development and design, manufacture (finishing), distribution and marketing – wholesale and retail – of “Salsa” clothing items.

More than a month ago, on 10 April, in a statement to the Portuguese Securities Market Commission (CMV), Sonae SGPS reported that Wonder Investments SGPS had reported having exercised the contractual right “to sell to Sonae Fashion 50% of the IVN “, but that the sale was subject to the non-opposition of the Competition Authority.

Created in 1994, Salsa is a Portuguese brand of jeanswear internationally renowned, underlines the statement. It is an international company, whose products can be found in more than 35 countries and more than 60% of its turnover comes from international markets.

In 2019, the company recorded sales to end customers in excess of 200 million euros, “achieving remarkable levels of profitability and cash flow generation”, Sonae also mentions.

Sonae is a multinational that manages a diversified portfolio of businesses in the areas of retail, financial services, technology, shopping centers and telecommunications.



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https://www.publico.pt/2020/05/23/economia/noticia/sonae-notifica-concorrencia-compra-salsa-1917830

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