The fashion retailer Charles Vögele has sold a large part of its German store network to the retailers TEDi, WOOLWORTH and KiK. Gleiss Lutz advised Charles Vögele and its share-holders OVS and Sempione Retail comprehensively in the course of this transaction.
In the future, the three retailers TEDi, WOOLWORTH and KiK will, subject to the consent of the lessors, operate these stores under their respective brands and with their specific business concepts,. It is currently planned to transfer the rental agreements in the second quarter of 2017.
Charles Vögele Holding AG is a Swiss fashion retailer that, as of 31 December 2015, operated 761 stores in Switzerland, Germany, Austria, Belgium and the Netherlands. On that date, it operated 284 stores in Germany. On 31 December 2015, Charles Vögele group had around 6,200 employees, whereby Germany and Switzerland, each with around one third of the workforce, are the largest sales organisations. At the end of 2015, the turnover amounted to CHF 955 million.
Gleiss Lutz was from the very outset involved in the transaction with regard to the Swiss fashion retailer, its restructuring and the sale of its German business: At the end of 2016, Charles Vögele was sold to Sempione Retail, a group of investors around the Italian fashion company OVS. During this transaction, Gleiss Lutz already advised OVS and Sempione Retail comprehensively on the German law aspects. Following the takeover by Sempione Retail, the sale of a large part of the store network in Germany is now the next step in the restructuring of Charles Vögele. Charles Vögele, OVS and Sempione Retail were advised by the following Gleiss Lutz team, headed by Dr. Ralf Morshäuser (lead, partner) and Roland Sterr (counsel) (both corporate/M&A, Munich): Anton Gordon, Dr. Johannes Wittmann (both corporate/M&A, Munich), Dr. Steffen Krieger (partner, Düsseldorf), Dr. Jens Günther (partner, Munich) and Dr. Elena Wilke (Düsseldorf) (all employment).
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