Douglas acquires leading Spanish fragrance retailer Bodybell
German beauty retailer Douglas is significantly expanding its operations in Spain after signing an agreement with a group of financial investors led by H.I.G. Bayside Capital for the acquisition of Grupo Bodybell.
The transaction follows a period of operational and financial restructuring at the Madrid-based group. Founded in the 70s, Bodybell is a leading retailer in the Spanish perfumery market.
Bayside became Bodybell's owner by converting a loan into equity in 2015. It also provided fresh funding to upgrade the retailer’s store network, hire a new management team and develop a new brand image for the company.
With Bodybell, which currently has more than 200 stores, two online stores and a strong logistics platform, Douglas will become a leading player in the Spanish perfumery market.
The agreement is subject to a number of conditions, including merger control approval. The companies have agreed not to disclose financial details of the transaction.
“Strengthening our market position in this country is a decisive step forward on our way to becoming No. 1 or a strong No. 2 in every market we serve,” said Douglas CEO Isabelle Parize.
The Spanish company also sees the agreement as an opportunity to boost its business. “The combined forces of Douglas and Bodybell will certainly provide the new group with additional resources to develop the business further and ensure an even better service to customers. Douglas and Bodybell share a joint vision for the Spanish market, and we are looking forward to growing together in Spain,” added Javier Perez de Leza Eguiguren, board member of Grupo Bodybell.
With more than 1,700 stores in 18 European countries, Douglas has 18,000 employees and generated annual sales of approximately €2.7 billion in fiscal 2015/16. The German company entered Spain with a first store in 1995 and the Spanish arm has grown to include 58 stores and 300 employees.
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