ICA Group Sells E-Commerce Site
Swedish retailer ICA has announced the divestment of InkClub, the online consumables site that it has owned since 2007.
The site, which sells products such as ink, lighting equipment, electronics and coffee, was sold by the group after it decided that it "has limited synergies with our core business".
In a statement released by the group, Liv Forhaug, its chief strategy officer, said, "After conducting a review of our ownership, we have decided to sell InkClub. Our plan for the portfolio companies and the streamlining of ICA Gruppen’s holdings has thereby been fully carried out.”
The business has been sold to its founder, Lennart Nyberg, for a price of SEK 322 million (€34.5 million), which after transaction costs will entail an estimated capital loss for ICA Gruppen of SEK 30 million.
InkClub currently operates in ten countries. The sale is expected to be completed during the month of June.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by John Golden. To subscribe to ESM: The European Supermarket Magazine, click here.