Charles Vögele acquired by Bebe joint venture
today Nov 9, 2018
European fashion retailer Charles Vögele GmbH has been acquired by GAEEB Group, BV, a joint venture formed by Bebe Stores, inc. and B.Riley Financial-owned Great American Group, LLC, expanding the purchasers’ footprint with locations in Austria, Slovenia and Hungary.
The acquisition will see GAEEB take over all of Charles Vögele’s common stock and assets, which include remaining store inventory and merchandise, real estate and intellectual property, as well as certain other assets.
GAEBB completed its purchase of the retailer’s Slovenian and Hungarian businesses on September 25, 2018, but only closed its acquisition of the company’s Austrian shares on November 6.
Moving forward, the joint venture will set about introducing a restructuring strategy which will see Great American’s European division, GA Europe, implement a store closure program, allowing Charles Vögele to focus on its remaining profitable operations.
“Charles Vögele is one of the largest and well-known fashion retailers in Europe and is highly-regarded among its loyal customers,” said Managing Director of GA Europe Dr. Tino Bauer. “We believe we are uniquely positioned to restore its value and breathe new life into this iconic brand through our deep retail advisory experience and operations management expertise. After completing the restructuring plan, we believe that the business can be continued on a profitable basis.”
“Charles Vögele has a strong reputation in the consumer marketplace, and I believe our combined expertise allows us to take this unique investment opportunity and realize the value of this brand,” added Bebe Stores CEO Manny Mashouf.
News of the acquisition comes on the heels of Brisbane, California-based Bebe’s purchase of Brookstone through a partnership with Bluestar Alliance on October 19.
Bebe currently sells womenswear and accessories in approximately 21 countries around the world.
Further terms of the acquisition were not disclosed.
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