Swiss fashion chain Charles Vögele has been taken over by Italian department store manager OVS, who will rebrand all of the 163 stores into its own formula.
Brand name disappears
In order to acquire Charles Vögele, OVS, Sempione Retail and two other companies have paid 56 million Swiss francs (50 million euro), following an offer that was tabled two months ago. The board has now asked the other shareholders to accept the bid, giving OVS more than 82 % of all shares.
The brand name, Charles Vögele, will disappear from all the chain’s locations, despite being around for sixty years. Every one of the 163 stores will be transformed into an OVS formula, but the staff will not be fired: all job losses will occur at the chain’s main offices. OVS means to solidify its position in Northern and Eastern Europe, with plans for new stores in Slovenia and Hungary.
Charles Vögele had been looking for a buyer for quite a while. The chain has not been profitable since 2010, a main reason for its earlier retreat from the Belgian market.
