The German-based fashion giant Peek & Cloppenburg is taking over Magasin du Nord. The Danish retailer, until recently owned by Debenhams, will continue as an independent chain.
Tapping into a new market
With the takeover, Peek & Cloppenburg says it is strengthening its position as “Europe’s leading multi-brand omnichannel retailer”. The German department store chain already has 140 stores under the brand names P&C and Anson in 15 different countries. Magasin du Nord only operates in Denmark, with seven department stores and a webshop. After the collapse of parent company Debenhams, the Danish company continued as an independent entity, reports FashionUnited.
“Due to the current market dynamics, the opportunity has arisen to bring Magasin du Nord under our umbrella, and we are convinced that both companies will benefit from this new partnership,” Peek & Cloppenburg’s management stated. “With this acquisition, we are entering a new European market where we see great potential, and we look forward to our future together with Magasin du Nord.”
