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Monoprix, a subsidiary of the French retailer Casino Group, announced on February 19 that is it entering into exclusive negotiations to acquire leading online shoe retailer Sarenza.
Part of its digitalisation strategy, Monoprix says the acquisition aims at completing its offering and at positioning the Company as an omnichannel lifestyle leader for fashion, home, and beauty. Sarenza is a leading online shoe retailer, with an offering of over 650 brands and 40,000 designs. In the last fiscal year, Sarenza generated more than €250 million in sales.
“By acquiring Sarenza and its expertise, Casino Group will consolidate its position as French leader in urban online retail. This transaction places Monoprix at the edge of the fashion and home online retail”, said Jean-Charles Naouri, Chairman and CEO, Casino Group.
The completion of the transaction is expected in the coming weeks, and remains notably subject to the consultation of Monoprix’s and Sarenza’s employees’ representative bodies, and to the approval of the French Competition Authority.
The Casino Group has more than 12,960 sales outlets worldwide, including Argentina, Brazil, Colombia, the Indian Ocean, Uruguay, and in ten countries in Africa, employing over 227,000 people. In 2016, consolidated net sales totalled €36 billion; +5.7% over the previous year.