PARIS – Hennes & Mauritz said it has acquired the remaining 40 percent of shares in Fabric Scandinavien AB, the company behind hip denim label Cheap Monday and contemporary fashion chains Weekday and Monki, for a cash price of 8 million Swedish kronor, or $1.2 million.
The Swedish fast-fashion giant exercised its option to buy the remaining shares after initially acquiring 60 percent of privately owned Fabric Scandinavien in March 2008. This brought the total price paid for the company to 552 million kronor, or $79.4 million, it said.
Fabric Scandinavien will be incorporated fully into H&M, but the brands will continue to be operated as separate concepts. It has expanded rapidly since H&M took a majority stake, with the number of stores rising to 66 from 20. Weekday and Monki are now present in seven countries.
“H&M has great faith in the concepts, which are judged to have great potential for the future. The expansion and international roll-out of Weekday, Monki and Cheap Monday will therefore continue,” H&M said in a statement.
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