KJK Fund and E. Miroglio Finance S.A. Increase Their Shareholding in Baltika
Today, on 30 August 2017, the major shareholders in AS Baltika, the Luxembourg based investment fund KJK Fund Sicav-SIF advised by the Finnish asset manager KJK Capital and the Italian asset management company E. Miroglio Finance S.A, increased their holdings of AS Baltika to 38.9% and 17.78% respectively. In connection to selling the shares, BMIG OÜ is no longer a shareholder of AS Baltika, and Meelis Milder now owns 3.06 % of the company’s shares.
KJK Fund Sicav-SIF has been AS Baltika’s shareholder since 2010. The Fund’s investment portfolio includes among others, shares in several leading Estonian companies such as AS Tallink Group, AS PR-Foods, and AS Tallinna Kaubamaja. “We see great potential in Baltika’s market value growth in the coming years thanks to the increasing export of Estonian fashion design created by Baltika. Alsothe e-commerce has been significantly growing thanks to various activities over the last years, which has a significant impact on the company’s future,” explains Kustaa Äimä, KJK Capital’s Managing Partner the reasons why they increased their holdings in Baltika AS. KJK Fund Sicav-SIF holdings in Baltika increased to 38.9% as a result of the transaction.
The Italian asset management company E. Miroglio Finance S.A has been AS Baltika’s shareholder since 2010, and their holdings grew to 17.78%. As a result of the transaction, BMIG OÜ – founded in 2002 by Baltika’s leading employees and owned by Meelis Milder, Maire Milder, Ülle Järv, and Boriss Loitenfeldt – is no longer an AS Baltika shareholder. Meelis Milder now holds 3.06 % of the shares.
According to Meelis Milder, Chairman of the Management Board in Baltika, the additional investments of the two major shareholders are a sign of trust. “Investing in intensely competitive fashion business usually has a long-term investment horizon. I am glad that our major shareholders, who are experienced in the fields of finance and fashion, see potential in Baltika and are partners with a strategical view for Baltika,” added Meelis Milder.
The Baltika Group is an international fashion brand house with headquarters in Tallinn, Estonia. It operates five brands – Monton, Mosaic, Ivo Nikkolo, Bastion and Baltman – and has a retail network of 128 stores across the Baltic region. Established in Tallinn in 1928 as a manufacturer of raincoats, the company was restructured in 1959 and renamed Baltika. First listed on the Tallinn Stock Exchange in 1997, the Baltika Group today has 1,100 employees and had a turnover in 2016 of €47m. Monton, the largest of Baltika’s international brands, was launched in 2002, and is now the leading Estonian fashion brand in the world.