Womenswear business VeldhovenGroup has acquired German fashion brand Olsen out of insolvency.
VeldhovenGroup, the parent company of brands including Sandwich, Nono and Turnover, will take control of the business from December 1.
Womenswear brand Olsen filed for insolvency in August after a potential investor walked away at the eleventh hour, however the group said the acquisition would secure its long term future.
VeldhovenGroup chief executive Martijn Veldhoven said: “The brand is a perfect fit with our strategy of focusing on the women’s mid-market segment. Olsen enhances our positioning and increases our overall brand presence, enabling us to reach many more female consumers.
“Despite the difficulties the company went through recently, Olsen has a strong organization and brand value to build from.”
Olsen chief executive Urs-Stefan Kinting said the group would support the brand in its further plans to develop.
“Olsen’s international subsidiaries, particularly our retail stores in Canada and Poland, will remain an important component of Olsen’s footprint,” he said.