Less than a month ago, Rafal Bauer, V&W CEO, completed a takeover of Kruk. However, the founder of the jewelry and clothes group, said yesterday that he holds 5.05 percent of V&W.
“I have invested in the company solely because of W.Kruk. The problem of V&W is that no founder supports it but only funds. The company would thrive if a manager knowing the sector well managed it. I want to try to regain W.Kruk before I retire”, Wojciech Kruk said.
He sold his stake at W.Kruk for PLN 90m (EUR 26.7m).
“I’m ready to invest the whole amount in V&W shares provided that I manage to regain control over the company jointly with other businessmen”, Wojciech Kruk said.
With PLN 90m he could buy 10.8m shares of V&W, or 12.5 percent of them. A coalition is necessary. There is a potential partner: Alma. The listed retailer said last Friday that it holds 5.88 percent of V&W.
“I’m glad about it. I want to meet Jerzy Mazgaj, Alma CEO and talk about possible cooperation. I would see us in the team managing Kruk”, Wojciech Kruk said.
“W.Kruk with Wojciech Kruk is worth more than without him. I’m glad Mr. Kruk did not give up and wants to fight for the brand his family has built. This means that it was a good move to invest in V&W”, Jerzy Mazgaj said.
The two businessmen are going to talk after the GSM held on June 30th.
There is one more possible player. OFE PZU Zlota Jesien fund has 20 percent of V&W and controls 16 percent of Alma.
(PLN 1 = EUR 0.297)