France-based fashion retailer Monoprix has entered exclusive negotiations to acquire online shoe company Sarenza as part of its digitalisation strategy.
The acquisition is expected to complete Monoprix’s online product range and help it to become an omnichannel supplier of fashion, home decoration and beauty products.
It is reported that Monoprix, a subsidiary of French mass retailer Casino Group (Casino Guichard-Perrachon), had recently partnered with UK online supermarket Ocado.
Also based in France, Sarenza sells 650 brands and nearly 40,000 designs online and generated more than €250m of sales during its last fiscal year.
Casino Group chairman and CEO Jean-Charles Naouri said: “By acquiring Sarenza and its expertise, Casino Group will consolidate its position as French leader in urban online retail. This transaction places Monoprix at the edge of the fashion and home online retail.”
The acquisition is expected to help accelerate Monoprix’s digital transformation as well as consolidate Sarenza’s future by integrating it into a large retail group.
Sarenza chairman and CEO Stéphane Treppoz said: “We are very pleased with this integration project, allowing us to join a major distribution group and to expand our product offering by leveraging the expertise of Monoprix, one of the most cutting-edge, innovative and popular brands among French people.
“To give access to the products sold on Sarenza’s website since 2005 to Monoprix’s clients is a great opportunity, which will make Monoprix’s website an admired model in online retail. I want to thank all of the financial shareholders of Sarenza, notably HLD, Bpifrance and Akila Finance, for their support since 2014.”
Subject to the consultation of both the companies’ employee representative bodies and approval of the French Competition Authority, the acquisition is expected to be closed in the coming weeks.