Multi-brand fashion group DK Company has acquired Scandinavian fashion company CNS Group after it filed for bankruptcy, putting around 60 jobs at risk.
Founded in 2001, Denmark’s DK Company signed an agreement today to take over the majority of activities at the CNS Group.
Around half of the 60 employees from CNS Group’s headquarters in Denmark have been offered a job in Vejle, Denmark with DK Company. The rest have been made redundant, said DK Company owner Kasper Philipsen.
A letter seen by Drapers said: “This means that we get more colleagues in Vejle and, therefore, we probably have to reconstruct/enlarge the building.
“We are very proud of the purchase and look forward to integrating the new brands.
“Unfortunately, the consequence of the bankruptcy is that a part of the permanent staff at CNS Group have lost their jobs. We expect that approximately half of the 60 employees will continue in Vejle.”
CNS Group owns Solid, Desired, Pep and Tailored & Originals. It also has a retail chain called Solid, which has 27 stores across Norway and Denmark.
DK Company owns around 21 brands including Ichi, Saint Tropez, Part Two, Gestuz, Blend, B Young, Companys, Cream and Fransa. All those listed have own and franchise stores.
DK Company group CEO Jens Poulsen, said: “Unfortunately, CNS Group is in a situation where they have lost a significant German customer with the result that the company has been declared bankrupt. We know CNS Group as good colleagues and deeply respected for the business they have built. Therefore, we are happy to announce that we are able to take over the activities.”
Poulsen continued: “For quite some time DK Company has been looking for an option to increase our business within menswear. Today, we have 17 female brands and three male brands: Matinique, Casual Friday and Blend. We see the acquisition of Solid and Tailored & Originals as a clear strengthening within our male brands. We have great respect for the two brands, broadly founded within wholesale and with own retail in Denmark and Norway. DK Company acquires the total CNS Group. Focus will be at the two male brands, representing a turnover of DK200m from both wholesale and retail.”
CNS Group has been contacted for comment.