HVEG Group BV, trading under HVEG Fashion Group, a group of internationally operating fashion companies including Fashion Linq, Jomo Fashion, HVEG Accessories Group and the brands Bamboo Basics, Twinlife and Brams Paris, acquires MAGIC Bodyfashion from Almelo. The companies within HVEG mainly focus on developing private label collections for chain stores, but in recent years HVEG has also increasingly developed its own brands. With this acquisition, HVEG intends to continue its growth strategy and further expand its product range and customer portfolio at home and abroad.
For over 30 years, MAGIC Bodyfashion has successfully offered shapewear, underwear, legwear and (body)fashion solutions for women, with the company growing strongly internationally over the past 10 years and positioning itself towards a Total Body Solution concept.
After acquisition, the combined turnover will be around EUR 150 million, with MAGIC Bodyfashion to be further expanded as an independent business unit within HVEG. This means that both MAGIC Bodyfashion and the other companies within HVEG will retain their own market approach. Both fashion companies can benefit from each other's knowledge and experience after the acquisition to become an even stronger European fashion player.
Mike van Snek CEO of HVEG: "We are very pleased with this acquisition and see a very good fit between MAGIC Bodyfashion and HVEG Fashion Group with potential synergy benefits. HVEG's strategy is to further expand its brands business alongside the further growth of private label activities with the aim of a more balanced spread to the results of each of the business units."
About HVEG Fashion Group
HVEG is a group of internationally operating fashion companies specialising in the development, sourcing and sale of Private Label fashion for women, men, children, babies and accessories. Besides Private Label, HVEG engages in various branding activities. With a team of around 220 employees in Europe and around 100 employees in Asia, they are committed to offering commercial and sustainably produced collections every day. The mission is to unburden customers by developing affordable fashion in a more sustainable way.