Euronext Brussels has today welcomed the fashion group FNG (ticker symbol: FNG) to celebrate their listing on Euronext Brussels, as well as their capital increase.
FNG is a Benelux fashion group designing and distributing clothing and shoes for women, children and men through its own concept-stores in Belgium and the Netherlands and through a network of multi-trademark stores on the domestic markets as well as in foreign countries. FNG has more than 3,000 employees, realizing a turnover of approximately €482 million and an adjusted EBITDA of approximately €45 million in 2017.
FNG has built a diversified portfolio of brands such as Fred & Ginger, CKS, Claudia Sträter, Miss Etam, Expresso, Ginger, Promiss, Baker Bridge, Brantano and Steps. The brands are sold internationally in more than 500 concept stores, shop-in-shop corners and in more than 1,500 multi-brand stores.
Since 29 June 2018, FNG’s existing shares are listed on Euronext Brussels, in addition to their listing on Euronext Amsterdam. As of 9 July 2018, FNG’s newly issued shares will be listed on both Euronext Amsterdam and Euronext Brussels. FNG changed its market of reference form Euronext Amsterdam to Euronext Brussels.
With an offer price at €27 per share, FNG’s total offering size amounts to approximately €60 million. The net proceeds of the offering will be used to finance the further growth of the company in accordance with its strategy, which is inter alia focused on creating value by managing a complementary brand portfolio.
Dieter Penninckx, FNG’s Chief Executive Officer, said:
Ten years after our listing on Euronext Access (formerly known as the Free Market), we are delighted to be back in Brussels. The proceeds of this operation will allow us to accelerate our business plan. The coming years, FNG will continue to focus on an omni-channel strategy with the roll-out of concept stores, mainly Brantano, in combination with a state-of-the-art online platform, both with a local focus, able to compete with international pure players.
To celebrate the listing of FNG’s new shares on Euronext Brussels, Dieter Penninckx, Anja Maes, Emmanuel Brack, the founders of FNG, rang the bell to open the markets.