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Poland's CCC buys Romania’s Shoe Express for 33 mln euro

Poland's CCC buys Romania’s Shoe Express for 33 mln euro CCC

BUCHAREST (Romania), April 26 (SeeNews) - Polish footwear retailer CCC said on Thursday it has bought a 100% stake in Romanian company Shoe Express for 33 million euro ($40.2 million).

The Romanian competition authority has already issued its non objection decision in relation to the transaction, CCC said in a press release. Completion of the transaction and transfer of shares in the company has occurred on April 25.

The transaction was conducted through CCC’s subsidiary CCC Shoes & Bags.

Shoe Express was previously owned by Peeraj Brands International, comprising all retail outlets operating under the CCC brand in Romania.

Previously the outlets were operated by Peeraj Brands International under a franchise agreement with CCC.

Founded in 1999, CCC is the largest footwear retail company in Central Europe and the largest footwear manufacturer in Europe, according to its website.

Currently sales are conducted through stores in Poland, the Czech Republic, Hungary, Germany, Slovakia, Austria, Croatia, Slovenia, Russia, Bulgaria and Serbia, and franchise stores in Romania, Latvia, Lithuania, Estonia and Ukraine.

($=0.8208 euro)