British mogul buys Etam UK from French

8th April 2005, Comments 0 comments

LONDON, April 8 (AFP) - British tycoon Philip Green, who last year failed in a bid to buy retail giant Marks and Spencer, confirmed on Friday the purchase of fashion retailer Etam UK from French group Etam Developpement.

LONDON, April 8 (AFP) - British tycoon Philip Green, who last year failed in a bid to buy retail giant Marks and Spencer, confirmed on Friday the purchase of fashion retailer Etam UK from French group Etam Developpement.

"It's a strategic fit for us," Green told AFP's financial news wire, AFX News. Green declined to say how much he paid for the loss-making chain.

However, industry sources indicated it was about GBP 10 million (EUR 14.5 million, USD 18.7 million).

Etam UK, which trades from 213 stores in Britain under the Etam, Tammy and Emily May brands, made a EUR 37.8 million (USD 48.5 million) loss last year.

The acquisition of Etam UK is Green's first since he bought the fashion group Arcadia for GBP 850 million (EUR 1.2 billion) in 2002.

Last July, the Monaco-based entrepreneur abandoned his second attempt to take over clothing-to-food retailer Marks and Spencer in a GBP 9.1 billion (EUR 13 billion) deal.

Green's Arcadia Group includes British fashion chains Bhs, Top Shop and Miss Selfridge.

© AFP

Subject: French News

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