BLACKBURN AND SWEETZER

If you think you can’t beat ‘em, buy ‘em…

H&M just announced its acquisition of Fabric Scandinavien AB, which owns a number of chain stores and brands, including Cheap Monday jeans. Here’s an excerpt from the press release:

‘H&M has signed an agreement to acquired the privately owned Swedish fashion company Fabric Scandinavien AB that is running the store chains Weekday and Monki. The Group also designs and sells fashion through a number of own brands, such as Cheap Monday. The turnover for the financial year 2007/08 is expected to reach approximately SEK 400 million. The company will be run as a stand alone subsidiary within the H&M Group.’