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August 4, 2023

Uniting Forces to Shape Europe's Leading Platform Group

Fashionette AG and The Platform Group sets its sights on reshaping the luxury platform landscape

A groundbreaking merger is set to redefine the luxury accessories market as Dusseldorf-based Fashionette AG joins hands with its main shareholder, The Platform Group GmbH & Co. KG (TPG). With TPG's prowess spanning seventeen sectors, including fashion retail, furniture, and more, the new entity will emerge under "The Platform Group AG."

The independent auditor's valuation has placed TPG at an impressive €155.6 million, while Fashionette AG stands strong at €87.1 million. Currently holding around 43.76% of Fashionette shares, TPG's entry into the luxury platform segment promises immense growth and profitability.

Dr. Dominik Benner, the CEO of Fashionette AG, envisions an exciting future for the merged company, stating, "Merging the activities of both companies will create a new powerhouse in the platform sector, profitable and expanding across various domains, destined to become Europe's leading platform group."

Laura Vogelsang, a key member of the Fashionette AG management board, reaffirms the company's commitment to luxury retail, saying, "Fashionette's legacy will thrive within the new Group, as we confidently continue our luxury positioning and venture into the platform business with luxury fashion this autumn."

To make this vision a reality, certain proposals have been put forth. The company's share capital is set to increase by €11.07 million through a contribution in kind, leading to a total of €17.27 million. To foster flexibility for potential capital measures, a New Authorized Capital of €8.63 million is also on the table. This strategic move is further accentuated by the renaming of Fashionette AG to "The Platform Group AG." Additionally, Benner Holding plans to contribute TPG to Fashionette AG as part of the merger.

As the proposed capital increase proceeds, Dr. Dominik Benner's indirect stake in Fashionette is anticipated to reach approximately 79.81% upon completion.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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