PRG Retail Group has announced the acquisition of the assets of Toys”R”Us Iberia, through its subsidiaries in Spain and Portugal, ensuring the continuity of the brand owned by WHP Global.
With this operation, the Italian group in the toys and children's products sector, active in the Iberian Peninsula since 1963 with the Prénatal brand, underlines its desire to strengthen its presence in the two historical markets and pursue its growth strategy in Europe.
Consolidate position
This acquisition, financed entirely by the company's internal resources, will allow PRG Retail Group to consolidate its position in both markets, " with valuable assets and a network with high development potential: 46 stores, of which 35 are located in Spain and 11 in Portugal, e-commerce sites, the logistics center and the offices in Madrid and Lisbon, with a total of approximately 800 people ," the company stated in a press release.
The forecast for net sales for stores within the acquisition area is €100 million in 2022, generated by approximately 2,5 million transactions, 10% of which come from digital platforms. Thanks to the support of the PRG, and after a long period of declining revenue, a Christmas season " at pre-pandemic levels " is expected.
“ We are excited about this great new adventure and ready to bring to Portugal and Spain the model that we are successfully applying in Italy and with which we intend to grow to become the first hub dedicated to the family in Europe, capable of offering customers a specialized and complete range of toys, clothing and childcare products in highly qualified, multi-format and multi-brand stores ,” says Amedeo Giustini, CEO of PRG Retail Group.
future
Amedeo Giustini states that, “ to this end, we will quickly share the experience gained by PRG in building and managing the complete customer journey across an integrated set of physical and digital touchpoints, investing in the innovation of current technological systems and the optimization of processes, starting with the purchase. Our goal is to become, also in Portugal and Spain, the main partner for mothers and growing families, from the moment of pregnancy to all stages of children's lives.”
Paloma Pérez, CEO of Toys”R”Us Iberia, will continue to lead PRG Spain, ensuring continuity and knowledge of the Iberian market.
For the management of the transaction, the company was advised by the international teams of E&Y and by the law firm Uria Menéndez.
