VeldhovenGroup acquires Olsen out of insolvency
VeldhovenGroup, parent group to brands Sandwich, Nano and Turnover, has acquired German ready-to-wear brand Olsen from insolvency. The Dutch VeldhovenGroup with take over at the brand from December 1.
VeldhovenGroup chief executive Martijn Veldhoven said: “The brand is a perfect fit with our strategy of focusing on the women’s mid-market segment. Olsen enhances our positioning and increases our overall brand presence, enabling us to reach many more female consumers.”
Family-owned Olsen was founded 1901 and is based in Hamburg. Over the ears the company has had to face up to a decrease in activity, with revenue passing from €100 million to €90 million in two years. “We hope to be able to save the 600 or so jobs at our headquarters and subsidiaries,” said administrative receiver Stefan Denkhaus.
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