Termination Of Modern EXCELSIOR MILANO Acquisition

Morden Avenue issued a notice on the termination of the acquisition of EXCELSIOR MILANO related assets by wholly-owned subsidiaries. Its wholly-owned subsidiary will terminate its assets acquisition of EXCELSIOR MILANO business related assets of Milan luxury department store in Italy.

Modern Boulevard issued a notice on the termination of the acquisition of EXCELSIOR MILANO related assets by wholly-owned subsidiaries. The announcement said that due to the fact that the delivery prerequisites had not yet been met at the latest, its wholly owned subsidiary would terminate its assets acquisition of EXCELSIOR MILANO business related assets of Milan luxury department store in Italy.

Excelsior Milano is part of the Gruppo Coin SpA in Italy. The latter, after splitting and listing OVS SpA including fast fashion brand OVS and chain corporation Upim Upim in 2015, still owns OVS SpA 52% shares. The company also owns middle end department stores, department stores in Rome and Venice stores, Milan luxury goods department stores, and children's wear brands, etc.

It is understood that to operate advanced

The modern fashion Boulevard has its own brand CANUDILO, CANUDILOH HOLIDAY, buyer shop 01MEN, advanced sports fashion designer brand Bikkembergs Dirk, at the same time, it represents many international brands, and has physical stores such as department stores and airport independent brand shops.

Operating under the line of "fashion kingdom".

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.

Notice shows that

He has agreed to sign an asset purchase agreement with Hongkong's COIN group, a wholly owned subsidiary of Italy, and has agreed on the acquisition of COIN group's EXCELSIOR MILANO business related assets and the undertaking of contracts and employees related to the COIN group's daily operations on the basis of its own capital, which is not more than 21 million 300 thousand euros, by Hongkong's card slave road.

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 concerned will no longer carry out the delivery.