The management team of the former FNG Nederland has found an investor to realize a re-launch for the Dutch fashion brands Miss Etam, Claudia Sträter, Expresso, Steps and Promiss. With the new owner, the Dutch fashion brands can accelerate the recently initiated course of data-driven and digital retail.
At the end of July 2020, FNG Nederland filed for suspension of payment and shortly thereafter was declared bankrupt. Lindenaar & Co, the Dutch management and the bankruptcy trustee Kees van de Meent (of law firm Florent) found a new investor who is willing to invest in the continuity and future growth of the brands. With the new owner Martijn Rozenboom and the current Dutch management, the new holding company, under the name NXT Fashion, will accelerate the recently initiated course for data-driven and digital retail. As such, the roll-out of the various digital growth initiatives to strengthen the market position of the Dutch fashion brands internationally is accelerated.
Lindenaar & Co advised the bankruptcy trustee and the Dutch management in making a re-launch possible. The activities included looking for buyers, advising the bankruptcy trustee in the relaunch, and guiding the Dutch management and the bankruptcy trustee with regard to financial and strategic analyzes, due diligence management and negotiation of the final transaction.
Profile NXT Fashion
NXT Fashion is the new holding company for the brands Miss Etam, Expresso, Claudia Sträter, Steps and Promiss. Because of this variety of women's brands, they can appeal to and serve every woman. The collections are sold via own stores, wholesale clients and online channels. The current store portfolio of approximately 170 stores and the head office will be refined to create a sustainable starting position for the new group. The new Dutch fashion group will be led by a four-headed management team, which already initiated several improvement initiatives prior to the bankruptcy of FNG, and is now given the opportunity to accelerate this transformation.