RNB Retail and Brands sells Brothers and appoints new CFO
RNB Retail and Brands AB has appointed Richard Roa as Chief Financial Officer (CFO).
The company also announced that after divesting the businesses of Departments & Stores and companies from Polarn O. Pyret earlier in 2021, an agreement has now been reached to divest Brothers to Jotunfjell Partners AS for a purchase price of 10 million Swedish kronor in cash. .
RNB Retail and Brands appoints Richard Roa as chief financial officer The company said in a statement that Roa holds a master’s degree in commerce and economics from Stockholm University and is currently acting group business controller at GNI. He will take up his role as CFO on November 1, 2021.
Roa has been working at RNB since 2019. He has financial experience within several international groups such as Sandvik and Cherry AB Group.
RNB sells Brothers to Jotunfjell Partners The buyer of Brother Jotunfjell Partners AS has acquired more than 35 companies since 2001, the majority of which are in retail. They are mainly focused on the Nordic countries, with operations in eight countries with a total of 290 stores.
The company’s turnover in 2020 was 2.2 billion Norwegian kroner. Some of its current holdings are Airport Retail Group, Vita AS, Gold Invest AS (including Norwegian Gullfunn), Pagelle and Elite Foto.
âBrothers has undergone major changes over the past 18 months that have made the company poised to increase sales and profitability, as they have shown over the past six months. It now seems safe to hand Brothers over to Jotunfjell, which is genuinely focused on retail. I have no doubts that they will continue to build Brothers into a successful men’s fashion chain, âsaid Kristian Lustin, CEO of RNB Retail and Brands.