Mexx purchased by Eroglu, the Turkish denim giant
today Jan 29, 2015
Mexx, in receivership since the end of 2014, has been taken over by Turkish retail company Eroglu Holding, according to Dutch daily newspaper De Telegraaf. The textile giant includes Colin's and Loft among its clientele of chain stores.
Nuretin Eroglu, president of the group, is looking to relaunch and invest in Mexx. The article quotes him as saying: "Mexx has 500 stores in 56 countries and annual sales of €1.2bn," which is somewhat hard to believe.
The chief executive plans on opening over 100 branches in Turkey in five years and generating some 370 million euros domestically. The project is to be unveiled in mid-February. Some of the stores could indeed be closed or become part of the Colin's or Loft chains.
Since Eroglu is mostly present in Turkey, Russia and Eastern Europe, with the purchase of Mexx he hopes to quickly expand in the West.
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