- FashionUnited |
Swedish IC Companys, the company behind Jackpot and Inwear, has bought the Tiger Group ("Tiger") for an undisclosed sum. Tiger is the dominant brand within young and trendy ready-made clothing in its segment in Sweden. The brand is also marketed in Norway, Denmark and the United Kingdom, primarily in the wholesale market.
With the acquisition of Tiger, IC Companys aims to add new brands to the group, particularly brands that target young-adults and are based on Scandinavian design. Further international expansion for the brand will take place trough the same channels already being used by IC Companys. According to IC Companys, the acquisition of Tiger does not change its forecasts of sales and profit for the current financial year.
Lars Gunnar Schultz, President & CEO of the Tiger Group said: "IC Companys is a financially strong group and very competent at operating a portfolio of brands. IC Companys as a large international network, which contributes to a stable infrastructure for the Group's continuing growth. All this was the basis for the owners' unanimous decision, and we are very pleased that the agreement is now a reality."
Tiger was founded in 1903 in Sweden. The company's current brand portfolio strategy was developed in the first half of the 1990s and now consists of a complete brand concept within ready-made clothing and jeans for men and women from 15 to 35 years of age. Tiger's 2002 sales totalled approximately SEK 233 million (GBP 17.7m) and the operating profit was approximately SEK 17 million (GBP 1.2m). In the past three years, Tiger has generated average sales growth of more than 15%, which the company expects to continue.
The existing Tiger management has accepted to stay at the helm for at least three years.