André chain stores departed by French Spartoo
French group Vivarte continued the restructuring process by selling André's shoe business to Spartoo, an online shoe company, said Les Echos.
The French company, a leader in online shoe sales, Spartoo, on Tuesday announced the purchase of the well-known French shoe company André, part of the Vivarte group, established in 1896 and owning a network of 175 stores. The transaction amount, at the moment, is not disclosed.
Spartoo was founded in 2006 by Boris Saragaglia, its annual turnover is 165 million euros, while the share of sales abroad d in the total turnover of the company is 40%. Sarpatoo employs about 400 people in the business. The company is looking for new ways to develop, and intends to enter the traditional retail market. The presence of a developed network of stores will allow it to organize for its customers a service for the collection of goods in retail, as well as expand the possibilities for presenting the collection to consumers. Spartoo now has 15 boutiques in France. For Vivarte, the sale of André's business is part of the restructuring process that began in 2015.
Following the sale of Pataugas and Kookaï brands to 2017, the Vivarte group cut its net loss by more than half and significantly reduced its debt, which still stands at 574 million euros. In the coming weeks, Vivarte should also close the deal to sell the Naf Naf apparel brand. The group is still looking to get rid of the Chevignon business in order to focus on the development of the five brands La Halle, Caroll, Minelli, San Marina and Cosmoparis.
French group Vivarte continued the restructuring process by selling André's footwear business to online shoe sales company Spartoo, writes Les ...
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