GA Europe to Invest Further in Footwear Chain
GA Europe, a subsidiary of Great American Group, will further invest in the UK-based Shoon footwear chain in which it acquired an interest last year.
With funding provided by GA Europe, Shoon plans to take over 39 Jane Shilton outlets which operate in a range of department stores including Beales and Browns. Shoon will also acquire the associated Jane Shilton footwear stock upon completion, as well as the Jane Shilton footwear license. The arrangement is subject to the agreement of the individual host stores and will take effect beginning August 1, 2013, once current notice periods expire.
“We are very pleased to be making this investment in Jane Shilton’s footwear brand,” stated Stephen Sanders, managing director of Shoon. “It has a clear market position supported by Jane Shilton’s heritage in handbags and developed through its partnerships with independent department stores. With a similar customer profile to Shoon, we believe we have an excellent opportunity to develop both businesses. Also, with GA Europe’s support, we have been able to revive Shoon and this deal represents an exciting stage in our development.”
Shoon operates a chain of footwear stores, selling mainly women’s branded shoes in the market between high street multiple chains and upmarket boutiques and designer labels, appealing to customers who are fashion aware with a clear sense of their own style while looking for comfort and fit at a reasonable price. The Jane Shilton outlets will complement Shoon’s existing market position and provide opportunities for significant operational synergies and cost savings in sourcing.
“We are very excited to be making this additional investment in Shoon,” added Gavin George, chief executive of GA Europe. “This deal demonstrates our creative approach to backing and developing retail businesses where we can successfully apply our capital while leveraging our specialized restructuring skills and extensive retail networks.”
Great American Group is a provider of asset disposition and auction solutions, advisory and valuation services, capital investment, and real estate advisory services.