PM Babiš's Holding Buys Stake in Dutch Merino Wool Sweater Brand Joe Merino

Enterstore, part of the Hartenberg Holding group, has acquired an 80% stake in the Dutch menswear brand Joe Merino. The news was announced by Hartenberg Capital, an investment group and one of three co-owners of Hartenberg Holding. The value of the deal was not disclosed.

A controlling stake in Hartenberg Holding belongs to SynBiol, a company owned by Czech Prime Minister Andrej Babiš (ANO). Among other businesses, the Enterstore group also owns the underwear retailer Astratex.

No Discounts, No Sales

Joe Merino specializes in men's sweaters made from merino wool. The company was founded in Amsterdam in 2011 by Ron Bekkers, who remains a shareholder to this day. The brand currently offers more than 50 sweater models in over 60 color variations.

According to the press release, what sets the brand apart is its complete refusal to offer discounts, sales or seasonal collections. Its products are not sold wholesale or listed on online marketplaces. Its main markets are the Netherlands, Belgium and Germany.

"Joe Merino is exactly the kind of brand we look for: a clear proposition, genuine product quality, and customers who come back year after year because they trust what they're buying," said Enterstore CEO Elisabeth Sandström. She added that the company plans to grow the brand's e-commerce presence and strengthen its position across the European market.

Babiš's Brand Empire

Besides Astratex and now Joe Merino, Enterstore's portfolio includes the wool goods retailer Ovečkárna, wooden products manufacturer Čisté dřevo, sporting goods seller Sportega, children's products brand KinderKraft, and textile company unuo.

According to Hartenberg Capital's website, the group's annual revenue stands at 270 million euros, or roughly 6.5 billion Czech crowns. Before the deal, Hartenberg Capital held a 10% stake in Enterstore, with the remaining 90% owned by Hartenberg Holding.

Source: seznamzpravy.cz