IC Companys A/S acquires a minority interest of 49% in the company By Malene Birger A/S

Oct 25, 2010, 10:56

25 October 2010

IC Companys A/S acquires a minority interest of 49% in the company By Malene Birger A/S.

Today IC Companys A/S has entered into an agreement to acquire 49% of the shares in the company By Malene Birger A/S from the company’s Creative Director Malene Birger. By Malene Birger will subsequently be wholly owned by IC Companys A/S.

By Malene Birger A/S has since it was founded in January 2003 as a joint venture experienced tremendous growth. The company generated revenue of DKK 196 million for 2009/10 and an operating profit of DKK 15 million. The contracting parties have agreed not to disclose the purchase price.

Since its incorporation, By Malene Birger has been recognised internationally as an inspiring, design-driven and well-established brand. A fashion force to be reckoned with, and seen as a highly respected, prominent player on the global fashion scene.

Chief Financial Officer Niels Mikkelsen states that;

”By Malene Birger has a huge international potential which we would like to pursue in the coming years. We therefore see it as a natural step forward to acquire the remaining interest in the company.”

Creative Director Malene Birger of By Malene Birger A/S states that;

“In order to strengthen my creative and artistic side, and constantly be able to focus and renew the well-known collections, expression and UNIVERSE of By Malene Birger, I have decided to leave the business side of the company to concentrate on all the exciting creative challenges I have at By Malene Birger. I feel confident that IC Companys is the natural business partner for me and that we together may realise our dreams, since future growth demands changes”

Malene Birger will resign from the day-to-day management but will continue as Art Director Consultant for the brand, being responsible for the By Malene Birger Universe including the overall creative expression, design and collections.

Chief Financial Officer Niels Mikkelsen states that;

“We are very happy to be able to make this major change and to fulfil Malene Birger’s creative ambitions for By Malene Birger and herself. It will strengthen our business and our goals to continuously grow as an international player.”

In accordance with IFRS, the purchase price will be recognised in the consolidated accounts under the balance sheet directly in equity, partly under minority interest relating to the specific shareholding and partly under retained earnings. The acquisition of By Malene Birger A/S will thus have no effect on the guidelines for the financial year 2010/11.

A press conference will be held at By Malene Birger headquarters at 1.30 pm., Rahbeks Allé 21, 1801 Frederiksberg C.

IC Companys A/S

Niels Mikkelsen
Chief Executive Officer

Please direct any questions regarding this announcement to:

Thomas Rohold
Head of Investor Relations and Corporate Risk
+45 3266 7093