October 3 (SeeNews) - Romanian online clothing and accessories retailer FashionUp said on Monday it took over the domestic, Bulgarian and Hungarian businesses of its peer Click4Fashion for an undisclosed sum.
The move is part of FashionUp's expansion strategy in the region, the retailer said in a press release.
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The new project will continue under the brand FashionUp. Mira Anghelescu, former CEO of Click4Fashion, will become the COO of FashionUp.
FUP Distribution, the company that operates the online store fashionup.ro, was founded in 2007 by Romanian entrepreneur Alin Stanciu. It posted a 2.2 million lei ($555,681/ 494,559 euro) loss in 2015 on a 6.49 million lei turnover, data posted on the finance ministry website show.
For 2016, the company targets a turnover of 30 million lei.
(1 euro = 4.4484 lei)