The Platform Group sells beauty and smartwatches categories

The Platform Group (TPG) is selling its beauty and smartwatches business categories to an undisclosed company based in Germany that specialises in online trading.

The company said in a release that the transaction will be implemented as an asset deal and will be completed on January 31, 2024.

“Both business areas have made losses for Fashionette in the past and contributed little to sales. In this respect, we are consistently separating ourselves from it and continuing the path of strict profitability orientation at our subsidiary for luxury accessories and fashion,” said Dominik Benner, CEO of TPG.

Closure of the beauty and smartwatches areas belonging to Fashionette was announced in March and April 2023. At the end of August, TPG announced the planned sale of the remaining beauty and smartwatches activities and entered into concrete sales discussions.