Gino Rossi: Simple sale will help us trim debt

WSE-listed fashion retailer Gino Rossi hopes that sale of the Simple brand will help the company curb its debt and obtain funds to boost working capital, company’s CEO Tomasz Malicki said. “Thanks to the sale, we will reduce debt and free the funds needed to supply the working capital necessary to increase sales and further development of Gino Rossi. We want to focus on the business from which we grew up as a company and in which we strategically see the greatest opportunities for further growth, i.e. on the segment of footwear and leather goods, the formula of Simple functioning in the Gino Rossi group has been exhausted in the current market environment,” he explained. The company will present a strategy update after closing the Simple deal with focus placed on the Gino Rossi brand, he added. On Monday, WSE-listed fashion retailer Monnari filed a non-binding PLN 46-50.5 million offer to acquire 100 percent stake in Simple Creative Products, which owns the Simple brand.