EM&F to invest PLN 80 mln in 2015

Retailer Empik Media & Fashion plans to spend PLN 80 million for investments in the e-commerce segment and the opening of new outlets, Krzysztof Rabiański told the Polish Press Agency. Rabiański informed that EM&F will consider the sale of luxury cosmetics and lifestyle apparel distributor Optimum, if an offer is submitted, but children clothing and toys retailer Smyk is not for sale yet. The company also said that it wants to open 10-15 Empik and Smyk stores this year, but does not plan to issue bonds. Rabiański maintained that EM&F will withdraw from the fashion segment before the end of H1. EM&F's net debt stood at PLN 945 million at the end of Q1, PLN 215 million more than in December 2014. Sale revenues fell by 15 percent to PLN 42 million in Q1 year-on-year. Empik Media & Fashion Group is a leading distributor of products in the following categories: media, entertainment, lifestyle, children's products, clothing, footwear, cosmetics, and language courses. The EM&F Group has been listed on the Warsaw Stock Exchange since 1997.