H&M acquires Cheap Monday, Weekday and Monki brands
H&M is to acquire privately-owned Swedish fashion company Fabric Scandinavien AB which runs Weekday and Monki stores. The Group also designs and sells fashion through a number of own brands, such as Cheap Monday.
Turnover for 2007/08 is expected to reach approximately SEK400 million ($65.5). The company will be run as a stand alone subsidiary within the H&M Group.
H&M is acquiring 60% percent of the shares in Fabric Scandinavien for SEK 564 million in cash. It is being sold by founders Adam Friberg, Lars Karlsson, Örjan Andersson and Linda Friberg, who will all continue to work within the company. There is also an agreement for H&M to acquire the remaining shares in the company within three to five years if it should decide to do so. Weekday Brands designs, produces and runs wholesale selling of young fashion. Its largest own brand is Cheap Monday, primarily a denim line. Weekday is an urban unisex concept with a total of six stores in Stockholm, Uppsala, Gothenburg and Malmö. In March the first store will open outside Sweden in Copenhagen, Denmark, with 12 stores. Monki is a store concept and an own brand for young females.
