Iconic INNO heads for expansion with new owners

Today, the purchase agreement for the sale of all shares in INNO SA to INNOvative Retail BV was signed. INNOvative Retail BV is a newly incorporated company owned equally by Axcent of Scandinavia AB and SKEL. The transaction is expected to close within July 2024, bringing new ownership with recognized, successful, and growing department store experience.

Regarding the purchase price the parties agreed confidentiality. A joint team of Clairfield’s offices in Frankfurt and Antwerp advised the transaction on the sell-side. Arion Bank Investment Banking was an advisor to INNOvative Retail BV.

“I am grateful and excited for this opportunity to develop INNO for the future and to soon bring INNO to many more cities in Belgium by opening new department stores to better serve INNO’s loyal customer base”, says Swedish entrepreneur Ayad Al-Saffar, the CEO and main shareholder of Axcent of Scandinavia.

The buying consortium is excited to enter the Belgian retail market with INNO being the perfect strategic fit for both parties, as a household name in Belgian retail with a potential to do even better for the local consumers.

“We take pride in partnering with the Axcent of Scandinavia team and the management of INNO to develop the future opportunities of the company. INNO is a valuable brand, with a long history and a strong customer base and has the potential to grow in the modern world of retail,” says Ásgeir Helgi Reykfjörð Gylfason, CEO of SKEL.

INNO in experienced retail hands existing Belgian management ensuring continuity

CEO Armin Devender and his management team are looking forward to develop new projects for the INNO department stores in Belgium:

"Thanks to INNO's strategic repositioning in recent years, the company is once again glowing with health. As a modern omnichannel retailer, INNO is more than ready for the future and will smoothly join Axcent/SKEL, which are the perfect match for INNO.

We have created the optimal breeding ground to grow faster in the coming years, boosted by the retail knowledge and experience that the new owners bring in. For example, new opportunities will arise to develop and distribute our own brands. Also, since the initial discussions with Axcent/SKEL, we have been thinking about an additional INNO store format, including the opening of new stores in Belgium.” says Armin Devender CEO INNO Department Store.

About INNO

INNO is the only department store in Belgium with a wide range of premium and mainstream brands. The chain has been an integral part of the retail landscape in all major Belgian cities for nearly 127 years and has been an ally to every Belgian in their daily lives for generations. INNO is one of the most important Belgian brands with a loyal customer base that continues to grow. With inno.be, INNO has also played a leading role in the online retail market in Belgium since the spring of 2021. INNO offers Belgians an omnichannel shopping experience with online and offline shopping comfort complementing and strengthening each other. www.inno.be

About Axcent of Scandinavia

Ayad Al-Saffar has a long career in retail and branding. In early 2000, he acquired from the H&M family the retail chain Ur & Penn, which was founded in 1943 by the late Erling Persson (who later founded H&M). Ur & Penn is still owned by the Al-Saffar family. In mid-2000, Ayad Al-Saffar acquired the still very successful Dutch retail chain Lucardi, that also has stores in Belgium, and later the Dutch department store chain Kijkshop. In 2022, Ayad Al-Saffar, together with partners, acquired the Swedish department store chain Åhléns, which is celebrating its 125th anniversary this year. He is vastly experienced in turning around and expanding retail chains and has, in every acquisition, turned red numbers into black in record time. Åhléns has 48 department stores in Sweden and made profit in the last financial year for the first time in a decade. Åhléns opened one new department store in June and will open two more this year.

About SKEL

SKEL is an investment company listed on Nasdaq Iceland. The company is a strategic investor supporting management teams and entrepreneurs in developing enterprises for further value creation. SKEL’s portfolio consists of both listed and unlisted holdings in strategic sectors, including commerce and retail. The management and board of SKEL bring over 30 years of international experience in the consumer and retail space, both in operations and as investors. Jón Ásgeir Jóhannesson, the chairman of the board of SKEL and a principal at Strengur hf., the largest shareholder in SKEL, has extensive experience in investing and operating department stores. He and his investment partners led the turnaround of Magasin Du Nord and Illum and took House of Fraser private in the UK. Among his partners in Strengur is Sigurður Bollason, an experienced investor in retail and fashion, including Karen Millen and All Saints.