C&A Parent Rules Out Media Talk About Brazil Unit Exit
October 20, 2020 at 06:29 am
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COFRA Holding AG, the parent of C&A AG, on October 19, 2020 refuted media speculation about plans to exit from Brazilian C&A Modas S.A. (BOVESPA:CEAB3). The statement came in response to a article published by Brazilian daily newspaper Valor earlier that day saying that the fashion retailer is willing to sell its 65% stake in its local publicly-traded unit in a push to focus on its European operations. "Cofra confirms that no process is currently underway with regards to C&A Modas SA and Cofra remains supportive of the business and its performance," according to a filing by C&A published later on October 19, 2020.
C&A Modas SA, formerly know as C&A Modas Ltda, is a Brazil-based fashion company, which manages a retail chain of shops and a Web portal. The Company sells a variety of products, such as apparel, accessories and footwear for men, women and children; cosmetics for both man and woman; electronic devices, including smartphones, notebooks, tablets and related accessories, among others. Its offering includes also products from different brands that customer can buy also through a mobile application.