Otto Group acquires Wenz brand
In a recent development, the creditors' committee of the insolvent Wenz brand has unanimously agreed to a sale, but the purchase price has yet to be disclosed. As of now, no public or accessible records confirm that the Witt Group has acquired the Wenz brand, nor do they provide any insights into subsequent ownership structure or operational adjustments.
The Wenz brand, previously under the Klingel Group, was an online shop specialising in fashion, jewelry, home accessories, and accessories for an older audience. The brand was active in Germany, Austria, Belgium, and the Netherlands. The acquisition involves the transfer of the brand and the internet domain.
The Witt Group, a subsidiary of the Otto Group, has confirmed the acquisition, stating that Wenz is an "ideal synergistic addition" to their brand heine in the German-speaking region and in the Netherlands. Witt Group, based in Weiden in the Upper Palatinate, has positioned itself as one of the leading textile omnichannel companies for the 50plus target group with this acquisition.
Patrick Boos, CEO of the Witt Group, expressed his enthusiasm for the acquisition, considering Wenz an ideal fit for their portfolio. The Klingel Group's PR agency announced the acquisition, and the Witt Group has also stated that it will acquire the brand and the internet domain.
Meanwhile, the marketing of three properties in Pforzheim, totaling over 250,000 square meters, is proceeding as planned with numerous viewings taking place. These properties include the logistics center in the Pforzheim old mill, the warehouse and logistics building in Dennigstraße, and the main administrative building in Sachsenstraße. The traditional mail order brand, previously based in Pforzheim, has relocated to the Upper Palatinate.
The Wenz inventory has already been largely sold and will be delivered to the buyer over the next few months. The acquisition is expected to take effect from the beginning of March, subject to the approval of antitrust authorities, which is still pending.
Interested parties can keep an eye on official corporate press releases from Witt Group or Wenz, financial news platforms, or specialized business deal registries for the latest updates on this acquisition and related corporate developments. Notably, the Wenz treasure trove and the Klingel depot in Pforzheim will remain open until March 31, 2024.
The Witt Group, having confirmed the acquisition, intends to integrate Wenz into their brand heine, particularly in the German-speaking region and the Netherlands, expanding their reach in the textile omnichannel business catering to the 50plus market. This development unfolds as a significant move in the financial and business landscape, as the Wenz brand, previously under the Klingel Group, specializes in fashion, jewelry, home accessories, and accessories for an older audience.
