US apparel company Liz Claiborne will buy Dutch fashion company Mexx Group B.V. for approx. EUR 300m in cash. The transaction, which will turn Voorschoten-based Mexx into a 100 % subsidiary of Liz Claiborne, is expected to be concluded by the end of May, 2001.
According to a Mexx news release, its managment would remain unchanged.
Mexx president and CEO Rattan Chadha said that “a partnership with a listed and like-minded company is a preferred choice to maintain superior growth in our European market”.
According to chairman and CEO of Liz Claiborne Paul R. Charron, the acquisition of Mexx would “provide valuable geographic and brand diversification to” its “portfolio”.
In 2000, Mexx saw profit rise by 60 % to EUR 14.1m, and turnover amount to EUR 381.1m.
Liz Claiborne, in 2000 reported a 10,6% turnover increase to $ 3.1bn.