Lovisa Holdings Limited completed the acquisition of Beeline Austria Gmbh and Beeline Retail and Beeline Retail B.V. and Beeline Retail Gmbh and Beeline Retail S.à R.L. and beeline Switzerland from beeline GmbH.
May 30, 2021
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Lovisa Holdings Limited (ASX:LOV) agreed to acquire Beeline Austria Gmbh, Beeline Retail, Beeline Retail B.V., Beeline Retail Gmbh, Beeline Retail S.à R.L. and beeline Switzerland from beeline GmbH for €60 on November 13, 2020. Beeline GmbH will ensure a cash level of all six target entities at €9.87 million in aggregate. No financial debt will be taken on as a result of this transaction. Lovisa will take over approximately €3 million of bank guarantees associated with the leases of the acquired beeline entities, as well as provide a further €3 million bank guarantee to beeline GmbH. These guarantees will be supported from existing credit facilities of Lovisa. Lovisa has also entered into a put option agreement in relation to the acquisition of beeline France including a store network of 30 stores, providing beeline the option to sell the shares in beeline France following the completion of mandatory consultation with beeline France's employee work council. As of December 1, 2020, the employee works council consultation period has now been completed and exercise notice under the put option has been issued, resulting in the inclusion of beeline France in the existing share purchase agreement. Under this agreement, Lovisa will acquire beeline France for a purchase price of €10, with beeline GmbH ensuring a cash level in the entity at completion of €1.95 million. This takes the overall beeline acquisition purchase price to €70, and the aggregate cash level in the target entities at completion date to €11.82 million. Post transaction, all continuing stores of beeline to be rebranded to trade as Lovisa stores. The acquisition of stores in each country is to be completed progressively from March 1, 2021 through to end May 2021. Hans-Jörg Ziegenhain and Markus Ernst of Hengeler Mueller served as legal advisors of Lovisa Holdings.
Lovisa Holdings Limited (ASX:LOV) completed the acquisition of Beeline Austria Gmbh and Beeline Retail and Beeline Retail B.V. and Beeline Retail Gmbh and Beeline Retail S.à R.L. and beeline Switzerland from beeline GmbH on May 31, 2021.
Lovisa Holdings Limited is an Australia-based specialist fast fashion jewelry retailer. The Company and its subsidiaries are primarily involved in the retail sale of fashion jewelry and accessories. The Company is also focused on designing, developing, sourcing, and merchandising all its branded products. The Company develops, designs, sources and merchandises 100% of its Lovisa branded products. It offers a range of products, including earrings, necklaces, rings, body jewelry, and others. It offers a range of accessories, including hair clips, watches, jewelry boxes, belts, headbands, and others. The Company has over 700 stores across over 30 countries globally, including Australia, New Zealand, Singapore, Malaysia, Hong Kong, Namibia, South Africa, France, Austria, Belgium, Germany, Luxembourg, Netherlands, Poland, Italy, Hungary, Romania, and Switzerland, Canada, Mexico, the United States, the United Kingdom, and franchised stores in the Middle East and South America.
Lovisa Holdings Limited completed the acquisition of Beeline Austria Gmbh and Beeline Retail and Beeline Retail B.V. and Beeline Retail Gmbh and Beeline Retail S.à R.L. and beeline Switzerland from beeline GmbH.
LOVISA HOLDINGS LIMITED 
