NEW YORK — Hutchison Whampoa Ltd., through its A.S. Watson subsidiary, has made an offer to acquire the Kruidvat Group, Europe’s leading health and beauty retailer, for $1.2 billion.
All figures are converted from the euro at current exchange rates.
The acquisition would make Hutchison’s A.S. Watson one of the world’s largest retailers of HBA products. Combined sales of the two operations would exceed $6.7 billion this year. Kruidvat operates 1,900 stores in six European countries and employs some 24,000 people. A.S. Watson currently has 930 personal-care stores throughout the U.K. and Asia.
Under the deal, Hutchison would acquire Superdrug in the U.K., Kruidvat and Trekpleister in the Netherlands, Kruidvat in Belgium and a 50 percent interest in Rossmann in Poland, Hungary and the Czech Republic, as well as the ICI Paris XL perfumeries in the Netherlands and Belgium.
"Kruidvat Group was chosen for its exceptional reputation and market-leader position," said Canning Fok, Hutchison’s group managing director, in a statement. "It is an excellent fit for our expanding retail business, giving us a more diversified portfolio and better geographical balance. The acquisition also provides us with many opportunities for synergies across Europe and Asia."
Dick van Hedel, chief executive officer of Kruidvat Group said in the statement, "the experience and global strength of HWL will help us achieve new heights."
The deal is awaiting approval from European Union regulatory authorities.
The bid for Kruidvat is the latest European expansion move for Hutchison Whampoa, a Hong Kong-based multinational conglomerate, which bought the U.K.-based retail chain Savers in 2000.
With 120,000 employees in 37 countries, Hutchison operates in five core businesses — ports and related services, telecommunications, property and hotels, energy and infrastructure and retail and manufacturing. Its A.S. Watson subsidiary, in all, operates 1,300 retail stores and owns more than 20 water and juice brands, employing some 27,000 people worldwide. A.S. Watson’s 930 personal-care stores include 280 Savers stores in the U.K. and 650 Watsons Your Personal Store in Hong Kong, Mainland China, Taiwan, Macau, Singapore, Malaysia, Thailand and the Philippines.
Supermodel @helenachristensen teamed up with longtime friend and designer @camillastaerk on a joint @paredeyewear collaboration. The lineup features three styles and 11 offerings, all of which embody a vintage feel. Get all the details on how they celebrated the collab on WWD.com. #wwdaccessories #wwdeye (📷: @slovekinpics)
“It’s a hard industry to keep motivated, as well, so finding different subjects and people is what makes it worth it – when you’re like, oh, I’ve met great people, I feel like I’ve done something good, and I feel proud of having done this,” said French actress Stacy Martin on being grateful for the variety of roles she’s take on. Read @ktauer’s full interview with Martin on her her latest film “Godard Mon Amour.” #wwdeye (📷: @danieldorsa)
After showing in front of the Eiffel Tower for his last two women’s ready-to-wear collection, it looks like @anthonyvaccarello may be heading to the Big Apple. Sources say the designer will stage his next @ysl show in NYC on June 6. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @aitorrosasphoto)
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion