EM&F quits fashion business

As of the end of the first half of the year Empik Media & Fashion (EM&F) has finished operating in fashion segment, a press release read. EM&F has got rid of Esprit and Aldo retail chains while GAP has left the Polish market, therefore three of its stores have been shut down. The company also decided to sell its subsidiary Smyk All for Kids Czech in the Czech Republic, the press release read. In the H1, the revenue from discontinued operations (fashion language schools, Smyk All for Kids Czech and Smyk Turkey) declined by 48 percent and amounted to PLN 103 million, versus PLN 198 million in the same period last year. What is more, the group is undergoing the sale of subsidiaries in the language school business, details of the process have not been revealed though. Overall, in H1, EM&F recorded a 10 percent increase in its sales revenue, which translates to PLN 1.28 billion, compared with PLN 1.17 bln in the corresponding period last year.