What: Belgian department store INNO has been acquired by Axcent of Scandinavia and SKEL fjárfestingafélag.

Why it is important: This acquisition brings new growth opportunities and expertise to INNO, enhancing its potential in the Belgian retail market under experienced leadership.

Belgian department store INNO has been acquired by Axcent of Scandinavia and SKEL fjárfestingafélag through a newly established company, INNOvative Retail BV. This strategic move aims to leverage the new owners' extensive retail experience to develop INNO's presence in Belgium further. The acquisition, expected to close in July 2024, will enable INNO to expand its footprint with new stores in various Belgian cities. Ayad Al-Saffar, CEO of Axcent of Scandinavia, and Ásgeir Helgi Reykfjörð Gylfason, CEO of SKEL, emphasised the alignment of INNO's strengths with their strategic vision. Armin Devender, CEO of INNO, highlighted the company's readiness for future growth, supported by the new owners' retail knowledge and the potential for developing their own brands and new store concepts. The deal, advised by Clairfields and Arion Bank Investment Banking, marks a significant step in INNO's evolution as a modern omnichannel retailer.

Belgian department store INNO acquired by Axcent of Scandinavia