{"id":4155,"date":"2018-04-03T17:52:13","date_gmt":"2018-04-03T16:52:13","guid":{"rendered":"https:\/\/praguebusinessjournal.com\/?p=4155"},"modified":"2020-02-04T19:45:53","modified_gmt":"2020-02-04T18:45:53","slug":"babis-buys-controlling-stake-in-leading-online-underwear-retailer-astratex","status":"publish","type":"post","link":"https:\/\/praguebusinessjournal.com\/babis-buys-controlling-stake-in-leading-online-underwear-retailer-astratex\/","title":{"rendered":"Babis Buys Controlling Stake In Leading Online Underwear Retailer Astratex"},"content":{"rendered":"

Prague, April 3 (CTK) – Hartenberg, a private equity fund that belongs to trustee funds of Prime Minister Andrej Babis, buys a 51 percent stake in Astratex, Central Europe’s largest online underwear retailer, Hartenberg told CTK in a press release.<\/span><\/p>\n

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The price of the deal was not disclosed.<\/span><\/p>\n

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Business daily Hospodarske noviny (HN) estimated the price at hundreds of millions of crowns.<\/span><\/p>\n

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The sale is yet to be approved by the Czech anti-monopoly office.<\/span><\/p>\n

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Astratex launched its operation in 2000, and has been exclusively focused on online sales since <\/span>2005.<\/span><\/p>\n

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It is an underwear market leader in the Czech Republic, Slovakia, Poland and Romania, and is also operating on markets in Hungary, Bulgaria and Austria.<\/span><\/p>\n

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Last year’s sales rose by more than 35 percent to nearly Kc600m. The company expects to reach a Kc1bn turnover within three years.<\/span><\/p>\n

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Before Astratex, Hartenberg had considered some investments in e-commerce, said the fund’s investment manager Jozef Kovac.<\/span><\/p>\n

 <\/p>\n

Astratex will continue European expansion, he added.<\/span><\/p>\n

 <\/p>\n

Cyrrus chief analyst Lukas Kovanda praised Hartenberg for the acquisition, which further diversifies its portfolio, saying it is crystal clear that people will always buy underwear and bed linen – in bad times as well as good times. The fact that Astratex is an e-commerce platform boosts competitiveness of the entire business and improves its outlooks, Kovanda said.<\/span><\/p>\n

 <\/p>\n

Hartenberg, which was created by Babis and Jozef Janov, former investment manager at Penta Investments, has made investments in health care, biotechnologies and food industry, recently buying a stake in aircraft repair company Avia Prime.<\/span><\/p>\n

 <\/p>\n

Hartenberg is owned by SynBiol company whose shares as well as shares of Agrofert company were transferred to the trustee funds by Babis because of a law on conflict of interest in February last year.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Prague, April 3 (CTK) – Hartenberg, a private equity fund that belongs to trustee funds of Prime Minister Andrej Babis, buys a 51 percent stake in Astratex, Central Europe’s largest online underwear retailer, Hartenberg told CTK in a press release.   The price of the deal was not disclosed.   Business daily Hospodarske noviny (HN) … Read more<\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[18],"tags":[198,15,204,242,434,58,415,199],"jetpack_publicize_connections":[],"yoast_head":"\nBabis Buys Controlling Stake In Leading Online Underwear Retailer Astratex - Prague Business Journal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/praguebusinessjournal.com\/babis-buys-controlling-stake-in-leading-online-underwear-retailer-astratex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Babis Buys Controlling Stake In Leading Online Underwear Retailer Astratex - Prague Business Journal\" \/>\n<meta property=\"og:description\" content=\"Prague, April 3 (CTK) – Hartenberg, a private equity fund that belongs to trustee funds of Prime Minister Andrej Babis, buys a 51 percent stake in Astratex, Central Europe’s largest online underwear retailer, Hartenberg told CTK in a press release.   The price of the deal was not disclosed.   Business daily Hospodarske noviny (HN) ... 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