Modern Avenue Terminates The Acquisition Of Luxury Goods Department Excelsior Milano

Yesterday evening,

Issued a notice on the termination of the acquisition of EXCELSIOR MILANO related assets by wholly-owned subsidiaries, announced that the delivery of the prerequisites has not yet been met at the latest realization date, and its wholly owned subsidiary will terminate its asset acquisition in Milan, Italy.

Department stores EXCELSIOR MILANO business related assets.

The announcement shows that the modern Avenue has agreed with its wholly owned subsidiary, Hongkong's card road and the company to sign an asset purchase agreement with the Italy COIN group. The three parties have agreed on the acquisition of COIN group's EXCELSIOR MILANO business related assets and the undertaking of the contracts and employees related to the COIN group's daily operation on Hongkong's card slave Road, with no more than 21 million 300 thousand euros of its own funds.

However, as at the expiry of the delivery date, the delivery prerequisites were still not met, and the two sides had actively negotiated whether or not to postpone the delivery. Until August 1, 2016, they were unable to agree on the extension of the delivery arrangement. Therefore, the asset purchase agreement has been terminated automatically, and the parties to the paction no longer carry out the delivery.

Excelsior Milano is part of the Gruppo Coin SpA in Italy, which was included in 2015.

The brand OVS and the mid end chain corporation Upim SpA OVS SpA are still holding OVS SpA 52% shares after the spin off. Gruppo Coin SpA has the Coin of the Department Store Department, the department store with Rome and Venice branches, the Milan luxury department store, and the children's wear brand.

It is understood that the modern Boulevard, which runs on the top of men's wear, has its own brand CANUDILO, CANUDILOH HOLIDAY, buyer's shop 01MEN, and advanced sports fashion designer brand Bikkembergs Dirk. At the same time, it also acts as an agent for many international brands, and has entity stores such as department stores and airport independent brand shops. It forms the "fashion kingdom" under the diversified operation of modern Boulevard.

In recent years, in the face of the trend of electricity supplier, modern Boulevard is keeping pace with the times and has begun to create the "big fashion industry" in the era of "Internet +".

According to the announcement, according to the resource advantages of the two sides, the modern Avenue and COIN group will continue to explore and adjust favorable cooperation programs.

At the same time, the company continues to integrate the global resources needed for strategic development, safeguard the interests of all shareholders, and enhance the competitiveness and sustainable development capability of the company.

China apparel network will also continue to pay attention to the report.