PARIS: Jacques Bogart has submitted a firm offer to acquire a portion of the assets of fragrance boutique chain Nocibé in France, a news release said.
Nocibé posts turnover of around €1 billion through a chain of around 600 sales outlets in France. At the start of the year, brand owner Groupe Douglas announced the closure of 62 Nocibé stores in France.
Under these circumstances, the plan submitted by Bogart Group, via its distribution subsidiary Athénais (April retail chain), would involve the takeover of 41 businesses in France and the preservation of 221 jobs.
The planned acquisition would increase the number of Bogart Group sales outlets in France from 30 to 71 while significantly expanding nationwide coverage (35 new towns and cities) and enhancing the reputation of the April chain and also improving the profitability of its network stores. The plan is fully in keeping with the Group’s virtuous vertical integration strategy while showcasing once again Bogart’s expertise as a manufacturer/retailer.
Bogart Chairman David Konckier commented: “This deal would allow us to reach a new milestone of 71 stores in France and over 400 in total worldwide. Our previous acquisition of 13 Nocibé/Douglas fragrance boutiques in 2014 shows that we have the ability to integrate staff and operate these new stores. I am also extremely pleased to be able to table an offer that would save over 200 jobs in France. ”
The deal remains subject to the fulfilment or waiver of conditions precedent, consultation of the SEC and various approvals (mainly by the Boards of Directors and antitrust authorities). If all conditions are fulfilled and approvals obtained, the Company plans to integrate the new assets in October 2021. The amount of this offer remains confidential and would be funded from Bogart Group’s own financial resources.
The Group will inform the market about any significant change to the proposed transaction in accordance with regulatory requirements.