(Filed Under Financial and General Interest News). Van de Velde now owns 85 percent of Intimacy, a lingerie retail chain managed by founders Susan and David Nethero. On April 26, the Belgian lingerie manufacturer, which already owned 49.9 percent of the retailer’s shares, acquired an additional 35.1 percent for $13.5 million.
According to Van de Velde, through the company’s agreement with Intimacy it will obtain a majority vote in the retailer’s Board of Directors. The Netheros will continue as managers of the company within the parameters established by the board. Van de Velde also may acquire the remaining 15 percent of the company’s shares in the future.
Van de Velde reported that Intimacy’s strategic mission remains unchanged. It will continue to expand throughout the United States with the goal of establishing at least 20 stores in urban centers nationwide. It will also continue to be a multibrand chain.
Ignace Van Doorselaere, chief executive officer of Van de Velde, emphasized the company’s commitment to Intimacy. “The last three years have demonstrated that Intimacy and Van de Velde have created a strong alliance,” he said. “We have every interest in pursuing it, and even reinforcing it. The Intimacy store is one that its founders and employees should be proud of. We aim to encourage them to continue in the same spirit as before.”
Susan and David Nethero, chief executive officer and president Intimacy, commented: “Our strategic alliance with Van de Velde has grown stronger since its formation over three years ago and the sale of additional interest in Intimacy is a logical next step. Van de Velde’s long term interest in the growth of our brand, our retail presence and our employees is extremely important to us. We are confident our shared values and comitement to changing women’s lives provide the foundation for an even stronger Intimacy/Van de Velde alliance.”
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