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Baugur GroupBaugur Group is an Icelandic investment company. History Jn sgeir Jhannesson, President & CEO of Baugur Group set up his first Bnus supermarket with his father Jhannes Jnsson in 1989, fresh out of college. The company was started with one store in Reykjavk, based on the proposition of offering customers value for money. The company grew quickly and within three years was operating several supermarkets in Iceland. In 1992 the owners of Hagkaup, the leading domestic retailer, acquired 50% of shares in Bonus, and in 1993 Hagkaup and Bnus established a joint purchasing company named Baugur. Hagkaup was established over 50 years ago and was a retailing pioneer, opening both supermarkets and department stores in Iceland. Hagkaup and Bonus merged as Baugur in 1998 and Johannesson became the company's President and CEO. Baugur was listed on Icelandic Stock Exchange the same year. In 1999 Baugur signed franchise agreements with The Arcadia Group and Debenhams for Scandinavia and today Hagar, (formerly Baugur-Iceland) runs several Topshop and Miss Selfridge stores in Iceland and Sweden as well as 3 Debenhams stores. The company grew up to be the largest in the retail sector in Iceland. Baugur Group has continued to grow and flourish under the guidance of Mr. Jhannesson and at the end of the year 2003 no other privately owned Icelandic company had larger operations abroad, in addition to being the largest in Iceland Baugur changes to Baugur Group In 2002 proposals were approved concerning a change in the name of Baugur hf. to Baugur Group hf., and changes to the companys organizational structure. Baugur hf. was divided into three independent profit centres: Baugur-Iceland, Bonus Stores Inc. and Baugur-ID. Baugur hf. changed its name to Baugur Group hf. and became a holding company. Baugur Group delisted from ICEX In May 2003 a redemption offer worth 10.85 Icelandic krnur (0.09) was made by Mundur, for the outstanding stock. (Mundur holding company is backed by Gaumur, KB Banki, an Icelandic investment bank; and two private investors) and in July 2003 Baugur Group was delisted from the Iceland Stock Exchange. The year 2003 was a milestone in Baugur Group's foreign operations. At the beginning of the year Baugur Group held shares in a few listed companies in Britain whereas at the end of the year no other Icelandic company had as extensive operations outside of Iceland. Briefly it can be said that Baugur Group's investment activities in Britain can be split into two categories. On one hand Baugur Group continued to invest in listed companies that are regarded to have better futures, either because their current management is in the process of improving the company's operation, or because new shareholders are expected to step in to instigate improvement. Among the companies, which Baugur Group has invested in on these premises are the Big Food Group, House of Fraser and Somerfield. On the other hand Baugur Group has formed a strategy to take part in management takeovers. These companies control strong brand names and are considered to have substantial opportunities for growth, show a net profit, and management has shown and proven its ability to succeed. During the year 2003 Baugur Group acquired three such companies, Hamley's, Oasis and Julian Graves. In May 2004 Baugur Group, along with other investors, acquired the majority in the British jewellery chain Goldsmiths for the amount of ISK 14.4 billion, in cooperation with the company's management Baugur Companies Hagar - Bnus supermarket
- Hagkaup supermarket
- 10-11 convenience store
- tilf sports shop
- Debenhams department store
- Topshop boutique
- Miss Selfridge boutique
- Dtabin toyshop
Baugur - Stoir asset management (49.6%)
- Hsasmijan home improvement store (45%)
- Tknival IT company
- SMS supermarket, Faroe Islands
- Kaldbakur investment company (24.76%)
- Norurljs (Northern Lights) media company (30%)
- Smrlind shopping mall (20%)
- Runs Allianz in Iceland.
- Og Vodafone (10.56%)
Foreign Assets - Goldsmiths jewellar
- Julian Graves health food shop
- Big Food Group (Booker and Iceland) cash-and-carry and supermarket.
- Oasis boutique
- Karen Millen boutique
- Hamley's toyshop
- Somerfield supermarket (3%) - take over bid made February 2005
- Coast boutique
- Whistles boutique
- MK One value boutique
- Magasin du Nord department store (83% with Straumur Investment Bank and B2B Holdings)
Goldsmiths Jewellary Goldsmiths, which was established in Newcastle upon Tyne in the year 1778, operates 165 jewellery stores in Britain and is the second largest in the country in its sector. Goldsmiths is the largest retailer of Rolex, Cartier, Omega, Tag Heuer and Gucci in Britain. Goldsmiths was delisted from the stock exchange in 1999 in a management take-over in June 2004. Recent Acquisitions In June 2004 the founders of Karen Millen agreed to sell the business to the Oasis Group (which is controlled by Baugur Group) in a deal valued at at 120 million creating a leading womenswear retailer with four strong brands Oasis, Coast, Karen Millen and Whistles - with total sales of over 350 million and 550 stores. Oasis is aimed at independent, fashion conscious 18-30 year old women and operates from 281 outlets across 14 countries including the UK and Ireland; Coast is a destination brand for womens special occasion clothes with 135 outlets, Karen Millen has a niche position away from the mass market, bordering on the designer brands, and Whistles has more grown up styling and quirkier taste than the rest of the high street. On the 14th November 2004, Baugur bought with investment the value boutique MK One with 175 stores in the UK. External Links Baugur's home page (in Icelandic and English)
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