SuperGroup to pay £34m for Europe partner
The firm yesterday said it was buying its Benelux and France franchise and distribution partner - CNC Collections - from owner Luc Clement.
Chief executive Julian Dunkerton said: "It opens up huge possibilities for us… It transforms our prospects in Europe.
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Hide AdClement will join SuperGroup, whose clothes are a favourite of celebrities such as Leonardo DiCaprio and Zac Efron, as head of European franchising to spearhead a push into Italy, Spain and Germany. "Luc Clement is delivering spectacular growth," Dunkerton said.
Arden Partners analyst Nick Bubb said: "Before the upgrades on today's move, the shares are trading on less than 25 times the new year (forecast earnings) and SuperGroup still looks cheap on that basis versus Asos."