The e-commerce specialist The Platform Group AG has found a buyer for the beauty and smartwatches divisions that belong to its Fashionette division. The two segments would be sold as part of an asset deal to a “company based in Germany that specializes in online trading,” the group announced on Wednesday.
A corresponding contract has already been signed and the transaction is scheduled to be completed on January 31st next year. According to the company, the purchase price “consists of a fixed and a variable purchase price component and is determined on the closing date”.
Fashionette had already announced the closure of the two business areas in the spring
The then Fashionette AG had already decided to close the two loss-making business areas in the spring as part of its savings program. In August, the company said it decided to sell “the remaining beauty and smartwatches activities” and began concrete sales discussions.
Dominik Benner, the CEO of The Platform Group, explained the impending separation. “We are pleased to complete the announced sale of the two business areas and thus an important part of the cost and efficiency program,” he said in a statement. “Both business areas have made losses for Fashionette in the past and contributed little to sales. In this respect, we are consistently separating ourselves from it and continuing the path of strict profitability orientation at our subsidiary for luxury accessories and fashion.”