The Belgian department store chain Inno, which sells furniture, home decoration, lighting, bedding, kitchenware and other home essentials, has a new owner. The Swedish retail group Axcent of Scandinavia and Icelandic investment company Skel have acquired the chain from Galeria Karstadt Kaufhof, which had financial difficulties.
Inno Charleroi. Photo: Dreamstime.
The 16 existing Inno shops in Belgium are now managed as part of Innovative Retail, a joint venture in which Axcent of Scandinavia and Skel each own an equal share. CEO Armin Devender remains at the helm of management, which should ensure stability and continuation of staff.
With the new owners on board, Inno announced ambitious plans for expansion. CEO Ayad Al-Saffar of Axcent of Scandinavia highlights the intention to open new shops in several Belgian cities to better serve the existing customer base. This expansion also includes the development of a new shop concept to respond to modern retail trends and customer needs.
Financial details of the acquisition were not disclosed, but the transaction is expected to be completed this month. Despite challenges from e-commerce and changing retail environment, the new owners strongly believe in Inno's potential as a valuable brand with a strong history and a loyal customer base.
Source: De Standaard
More information:
Inno
www.inno.be