RNB Retail and Brands sells Brothers, appoints new CFO

RNB Retail and Brands AB has appointed Richard Roa as chief financial officer (CFO).

The company also announced that after divesting the operations in Departments & Stores and the companies within Polarn O. Pyret earlier in 2021, an agreement has now been entered into to divest Brothers to Jotunfjell Partners AS for a purchase price of 10 million Swedish krona in cash.

RNB Retail and Brands names Richard Roa as CFO The company said in a release that Roa has a MSc in business and economics from Stockholm University and is currently interim group business controller at RNB. He will take office as CFO on November 1, 2021.

Roa has worked at RNB since 2019. He has experience in the finance area across several international groups such as Sandvik and Cherry AB Group.

RNB sells Brothers to Jotunfjell Partners Brother buyer Jotunfjell Partners AS has acquired over 35 companies since 2001, a majority of which are in the retail trade. They primarily have a Nordic focus, with operations in eight countries with a total of 290 stores.

The company’s turnover in 2020 was 2.2 billion Norwegian krone. Some of its current holdings are Airport Retail Group, Vita AS, Gold Invest AS (including Norwegian Gullfunn), Pagelle and Elite Foto.

“Brothers has undergone major changes over the past 18 months that have made the company ready to increase its sales and profitability, as they have shown over the past six months. It now feels safe to hand over Brothers to Jotunfjell, which has a genuine focus on retail. I have full confidence that they will continue to develop Brothers into a successful men’s fashion chain,” said Kristian Lustin, CEO of RNB Retail and Brands.