Italian fast fashion chain OVS has invested about €12 million in order to acquire 35% of Sempione Retail AG, a company that expressed the intention to buy all shares of Charles Vögele Holding AG, a Swiss apparel retailer whose yearly revenues are about €733 million with a network of about 760 stores in seven European countries. In case the acquisition was finalized by Sempione Retail successfully, Charles Vögele will agree to a cooperation that will support OVS introducing its brand and merchandising activities in Switzerland, Austria, Slovenia and Hungary through a plan of conversion of the existing stores and an alignment of the assortment of merchandise offer, marketing and sales campaigns.

Activities of Charles Vögele in Belgium are now in a phase of dismissal and, in case the acquisition operations were finalized, the activities of Charles Vögele Germany would be sold to a European retailer that will deposit royalties to OVS according to gained revenues.

OVS will be granted with an option to further acquire a 44.5% quota in Sempione Retail by Retails Investment, one of the other two investors, starting from the third year after the acquisition.