Charles Vögele Holding

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Charles Vögele Holding AG

logo
legal form Corporation
ISIN CH0006937772
founding 1955
resolution 2017
Reason for dissolution Merger with Charles Vögele Mode AG and change of name to Sempione Fashion AG
Seat Freienbach , Switzerland
management Markus Voegeli
(Chairman of the Management Board )
Stefano Beraldo
( Chairman of the Board of Directors )
Number of employees 6,443 (December 31, 2015)
sales 955 million CHF (2015)
Branch retail trade
Website www.charles-voegele.com

The Charles Vögele Holding AG (also Charles Vögele Group ) was a Swiss fashion retailer based in Pfäffikon SZ the municipality of Freienbach . After going public in 1999, the Charles Vögele Group was one of the largest clothing retailers in Europe and most recently had 759 branches with locations u. a. in Switzerland, Germany, Austria, Belgium, the Netherlands, Slovenia and Hungary. The group's activities were focused on stationary clothing retail in Europe for the segment of quality and price-conscious family households. The Vögele range included outerwear for women, men and children. Over half of the turnover was achieved with women's fashion. The core range was offered in all branches across countries. Depending on the location and size of a branch, the basic range was supplemented by additional product modules.

history

Headquarters in Pfäffikon SZ

The company was founded in 1955 as Charles Vögele GmbH by Charles Vögele and his wife Agnes and initially sold special clothing for scooter drivers . From the 1960s onwards, an extensive network of branches was established in Switzerland. In 1979, Vögele expanded through acquisitions to Germany , 1994 to Austria , 2000 to the Netherlands and Belgium , 2005 to Slovenia , 2006 to Hungary , Poland and the Czech Republic and 2011 to Liechtenstein . In 1997, Charles Vögele sold his company for one billion Swiss francs to the Schroders Group , which listed it on the SIX Swiss Exchange in 1999 as Charles Vögele Holding AG . With the replacement of Carlo Vögele as Chairman of the Board of Directors in 2005, the change from a family company to a public company was also completed on the Board of Directors.

Company founder Charles Vögele died on April 21, 2002 at the age of 79. He was the son of Karl Vögele and brother of Max Vögele, who took over the Karl Vögele AG shoe store from his father. Charles Vögele was one of the most successful Swiss car racing drivers from 1953 to 1968. In 1974 he opened the Seedamm-Center shopping center in Pfäffikon, and in 1976 he founded the Seedamm Kulturzentrum (now the Vögele Kultur Zentrum). In 1988 he entered the travel business with Vögele Reisen AG and operated a mail order business for the fashion sector until 1996.

In 2008, the Federation of Migros Cooperatives and the Migros Pension Fund joined Charles Vögele Holding AG as a purely financial investment and increased their stake to 25% by December 2011. On April 27, 2014, Migros announced that it would reduce its stake in Charles Vögele from just under 25% to 19.7%. At the beginning of 2016, the Federation of Migros Cooperatives and the Migros Pension Fund together only had a share of around 10%. The stake in Charles Vögele is said to have cost Migros a loss of almost 100 million francs in the end.

Vögele posted one last operating profit in 2010, followed by years of sales losses. The self-diagnosed “staid image” of the Charles Vögele brand and the lack of a strategy were cited as the main reason for the decline in sales. Even though Vögele was seen as serious, it did not radiate expertise in fashion. Only in children's fashion had Vögele recently achieved the turnaround. Several company bosses were unable to stop the ongoing losses of the Charles Vögele Group and to orient the company towards a younger target group. Therefore, a cooperation with the marketing agency IMG was established. The 2010 launched by the new CEO André Maeder advertising campaign, with the two as a testimonial Spanish actresses used Penélope and Mónica Cruz and the German actor Til Schweiger was terminated after two years. Long-standing older saleswomen and branch managers, with whom most customers had identified, had already been dismissed by this time, and young staff had been recruited in Germany. Oversized fashion shows cost a lot of money and turned out to be less customer-oriented. The predominantly older and rural regular customers were alienated by the attempted rejuvenation. As a result, André Maeder was released in September 2011. A new advertising campaign, this time targeting rural customers, was supposed to save what could be saved. This was also reflected in the share price, which in 2011 was 70 francs, in September 2016 it was only 6 francs. The investor Teleios , which invested 15% in 2015 , sold its stake a year later at a loss after the Vögele management refused to make any radical changes.

On September 19, 2016, the company's board of directors unanimously recommended that the shareholders accept the public purchase offer of 6.38 francs per share or a total of around 56 million francs from a group of investors around the Coin group's Italian clothing company OVS . After the end of the offer period, the group of investors owned 95.24% of Charles Vögele shares through Sempione Retail AG .

Transformation from the vertical retailer to the OVS sales organization

As announced, Charles Vögele will then be transformed from a vertically integrated dealer into a pure sales organization by OVS.

In January 2017, Charles Vögele announced that 88 of the 320 employees at the company's headquarters in Pfäffikon SZ in the purchasing, design and budgeting departments would be dismissed, as these are no longer needed due to the takeover by OVS and the loss of their own collection. In addition, the Swiss branch network of 163 stores is to be thinned by 10 to 15%. The branches in Poland, the Czech Republic and Belgium had previously been closed. In contrast, there should be no cuts in the branches in Austria, Hungary and Slovenia, in which OVS is significantly interested in addition to the branches in Switzerland.

At the end of January 2017, it was announced that KiK 60 and Woolworth would take over 44 of Charles Vögele's 284 branches in Germany. Another, unspecified number of branches was sold to Tedi . After an initially envisaged full sale of the German branches failed, OVS decided in February 2017 to keep 84 branches and to change the flag to its own brand Upim . It was not until mid-2017 that specific figures on store sales became known. KiK took over 32, Tedi 15 and Woolworth 10 branches, after Woolworth had assumed 44 branches at the beginning of 2017.

Shortly afterwards, bankruptcy was filed for the Dutch branch with 95 branches and 700 employees. In March 2017, the specially founded retail company Vidrea Retail took over the insolvent Dutch subsidiary of the Swiss clothing manufacturer Charles Vögele. A report by the bankruptcy trustee shows that around 80 branches are to be taken over and that 90 percent of the previous employees have been given new contract offers.

Shortly after the Chinese New Year celebrations at the beginning of February 2017, Vögele's own purchasing offices in the Far East were also closed, which went unnoticed in this country. 125 employees in Shanghai, Bangladesh and India lost their jobs.

In mid-May 2017, after January 2017, the second consultation process in Switzerland was announced. The logistics model is to be converted to the OVS / UPIM processes and will be adopted by XPO . In the second mass layoff , 148 jobs were cut in Freienbach and Pfäffikon / Hurdnerwäldli. From summer 2017, deliveries from Asia will be made directly to Pontenure (Italy) and will be distributed from there to the branches of Charles Vögele. As a result, costs can be massively reduced, says OVS CEO Beraldo: “They delivered the clothes straight to the bars in the shops. We can deliver a lot more because we deliver the clothes packed. At Vögele, the delivery cost 1.60 francs each, for us only 60 cents. "

Contrary to the first announcement, the branch network will now also be rebuilt in Austria in the first half of 2018. At the end of January 2018, OVS announced that 30 of the 125 previous Vögele stores were to be closed after the branch network had already been adjusted by 4 branches in 2017. It is not yet clear how many of the approximately 950 employees in Austria will lose their jobs as a result.

On July 31, 2018, Charles Vögele (Austria) GmbH announced the judicial filing of bankruptcy. According to the restructuring application, the fashion chain had 102 branches until recently, 89 of them under the “Charles Vögele” brand and 13 under the “OVS” brand. On July 31, 2018, the company website only lists 83 branches. 711 employees are affected. The management intends to continue operations. The Vögele sister company in Slovenia has 11 branches, while the one in Hungary has 26 branches.

At the end of February 2018, the third consultation process since the beginning of 2017 and the third mass layoff of an expected 50 employees will take place at the headquarters in Pfäffikon SZ. Mainly affected are the Marketing and IT departments, which are expected to be centralized in Italy.

On March 15, 2018 it was clear that the Dutch Victory and Dreams Holding, the parent company of Witteveen Mode and Miller & Monroe, would take over Charles-Vögele Deutschland GmbH, Sigmaringen, on April 1, 2018. With her retail chain Miller & Monroe, she will expand to Germany by taking over 200 branches from Charles Vögele. At the beginning of 2017, the company had already bought out the 72 branches of Charles Vögele in the Netherlands from the bankruptcy estate. That meant the complete withdrawal from the German business for Vögele. In 2015, this accounted for around a third of total sales of CHF 803 million. In Germany, Charles Vögele was positioned as a discounter and was therefore strategically oriented differently than in Switzerland. In June 2019, Vidrea Retal announced its bankruptcy.

Immediately after the takeover at the beginning of 2017, around 480 people were still employed at the headquarters in Pfäffikon SZ (320 at the headquarters and 160 logisticians in Hurdnerwäldli / Pfäffikon and Freienbach). After the third mass layoff and further departures, the workforce is to be reduced to around 120 by mid-2018, which corresponds to a quarter of the original positions. It is planned that areas such as finance, human resources and parts of marketing will remain in Pfäffikon SZ.

By the end of 2018 at the latest, all of Charles Vögele's remaining branches are to be switched to either OVS or Upim . This means the complete end of the Charles Vögele brand.

Around a year after the purchase offer, Charles Vögele Holding shares (Valor 693777; VCH) were delisted from the SIX Swiss Exchange on September 21, 2017. The last trading day for Charles Vögele shares was September 20, 2017. The owners of the shares that have not yet been tendered will receive cash compensation of CHF 6.38 per share, corresponding to the public purchase offer from Sempione Retail .

In May 2019 it became known that Charles Vögele had also filed for bankruptcy in Austria. Most recently, the company had 57 branches and 394 employees there.

Financial aspects of the takeover

In retrospect, the takeover of Charles Vögele by Sempione Retail AG raises questions among financial analysts. Based on an independent valuation report by an auditing and consulting firm, the Board of Directors examined the financial adequacy of the offer and made the decision to accept the public purchase offer.

The Fairness Opinion Charles Vögele was completed on October 17, 2016 and it may go. a. assume that “Charles Vögele plans to sell some non-strategic properties with a market value of around CHF 100 million from the existing property portfolio in the coming years ”.

In the public purchase offer, however, it is stated that Charles Vögele Mode AG had already concluded an asset transfer agreement with an independent third party on September 16, 2016, and according to this, its real estate portfolio - with the exception of the properties in Galgenen and Sigmaringen - will be sold for CHF 169 million. The 28,500 square meter property in Galgenen is being sold to the cosmetics group Estée Lauder at almost the same time .

The Charles Vögele Fairness Opinion is largely based on the information provided by Charles Vögele management and therefore its independence is limited. "Furthermore, Charles Vögele confirmed to us that Charles Vögele is not aware of any facts or circumstances according to which the information provided would be misleading, inaccurate or incomplete," the authors of the report write on page 5.

Is sold u. a. also the flagship store in a prime location on the corner of Sihlstrasse and Bahnhofstrasse in Zurich to the Loreda family office of Hansjörg Wyss . Vögele has construction rights for this building . This explains that the real estate portfolio was not rated higher. In the spring of 2016, speculation was already being raised about subletting the largest Vögele branch with 2200 m² to the Müller drugstore chain . In the middle of the holiday season in July 2016, Vögele announced the sale to Migros, which wanted to move in with SportXX . But the sale to Migros failed. The property was sold to Wyss as part of the portfolio at the end of 2016 and continues to serve as a showcase for the rented OVS .

The sale of real estate was not specifically considered in the valuation report, but it is central. Shortly after the definitive takeover on December 16, 2016, the real estate portfolio will be sold as previously announced. According to the extract from the commercial register dated December 21, 2016, assets worth CHF 82 million will be transferred. The equivalent of 172 million francs. The properties were accounted for at acquisition value and with the sale, almost 90 million hidden reserves were released . The selling price and book value of the property in Galgenen are not known . All properties were listed in the asset accounting of the 2015 annual report at CHF 9.8 million.

In accounting, hidden reserves (also: hidden reserves or valuation reserves) are those reserves or valuation reserves that are not shown in the balance sheet, which means that equity is lower than it actually is. Thus, the company is shown worse in the income statement (reduced earning power) and the balance sheet (lower equity).

The consolidated balance sheet in Annex 9 of the 2016 semi-annual report does not show any mortgages on the properties. The long-term debt of almost CHF 200 million is the so-called syndicated loan from UBS , Credit Suisse and Deutsche Bank . The real estate served the banks as security.

The hidden reserves of 90 million Swiss francs were not discussed by the Board of Directors, in the valuation report or in an annual report. According to the 2015 Annual Report, Charles Vögele also had tax loss carryforwards in Switzerland of CHF 47.9 million. There is a high probability that the profit from the sale of the properties could therefore be siphoned off largely tax-free.

On September 12, 2017, the operating company Charles Vögele Mode AG merged with Vögele Holding and was renamed Sempione Fashion AG. According to the extract from the commercial register dated November 14, 2017 and the merger agreement dated September 12, 2017 and the balance sheet as of July 31, 2017, assets of CHF 212 million, including all shares in the acquiring company, and debt capital of CHF 104 million were transferred to the acquiring company . As a result, equity was again 108 million francs after the merger.

The sale of the real estate portfolio at the end of 2016 for 172 million francs, the sale of the property in Galgenen and the sale of part of the branches in Germany at the beginning of 2017 made it possible to repay the high bank debt. [After it was announced at the beginning of 2017 that the Germany business could be sold for an estimated 30 million francs, there were later only a total of 56 branches that were taken over by KiK, Woolworth and Tedi. The definitive selling price was no longer confirmed.]

The equity base was also strengthened again for the first time, after having fallen from CHF 484 million in 2009 to most recently CHF 50 million. According to an independent valuation report shortly before the publication of the takeover offer on September 19, 2016, the equity was last at this level.

As of July 31, 2017, equity had more than doubled to 108 million francs due to the property sale and the associated automatic release of hidden reserves. However, the 2016 balance sheet and the 2017 half-year balance sheet, which were no longer published, are likely to have undergone a massive recovery process due to the transactions that have taken place. All the more because the central costs in Pfäffikon SZ could be reduced by 40 million francs annualized in the first year after the takeover and the deep red Benelux (Belgium and Holland) were sent into bankruptcy early on (this has been generating since 2009 and the beginning of Turbulence at Charles Vögele alone resulted in a negative EBIT of over CHF 150 million). Further cost-cutting measures are likely to follow, as overall savings of five to six million francs per month are planned in logistics, product development and administration.

In view of the fact that the shareholders and probably also the analysts had no knowledge of the extent of the hidden reserves on the property, some people doubt that the price per share of CHF 6.38 or the purchase price for Charles Vögele totaled 56 million francs was fair and appropriate. After all, the real estate transaction alone was able to largely repay bank debts within a week and more than double the equity. Undoubtedly had ([volume-weighted average share price during the last 60 days] DCF, 60 VWAP) with a Vögele the selected policies asset value method must be supplemented.

The long-standing CEO / CFO Voegeli, who is not related to the founding family Vögele, may have made the statement on October 24, 2016 after accepting the purchase offer: "Charles Vögele could survive on his own."

Social responsibility

In 2010, the non-governmental organization Declaration of Bern compared the standards of working conditions in production countries by means of surveys and internet research at 77 fashion labels. Charles Vögele was placed in the middle category of “beginners” out of five categories.

In 2000 Charles Vögele was accused of being involved in child labor in India. In 2013, the company was again criticized for ordering clothing from the Rayontex middleman in Bangladesh, whose suppliers were found to have child labor. The cases only came to the public because another Swiss company had the suppliers checked by the Fair Wear Foundation. 49 children under the age of 16 were discovered in three companies with around 2,800 employees.

Web links

Commons : Charles Vögele  - Collection of Images

Individual evidence

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