UK media company Emap has bought London-based online fashion and retail information firm Worth Global Style Network (WGSN) for approximately £140m. The subscription-based WGSN web site provides online intelligence about the fashion and clothing industries to companies around the world.
WGSN was launched in early 1998 by founders Julian and Marc Worth. Its 100-strong team of creative and editorial staff works with a network of writers, photographers, researchers, analysts and trend-spotters around the world, to provide research and analysis of stores, designers, brands, trends and business innovations.
The company delivered a pre-tax profit of £4m and revenues of £15m in 2004, and forecast revenues for 2005 at around £19m, with an operating profit of £7m. The majority of its revenue comes from Europe and the US, with the rest from Asia Pacific, mostly Hong Kong.
Emap's CEO Derek Carter said that the acquisition was 'in line with our strategy to develop and expand, while seeking to concentrate on premium, market-leading, value-added products'. The acquisition adds to Emap's existing information products, which include the Brad directory for UK media advertising and De Havilland for political and public affairs.
The companies are online at www.emap.com and www.wgsn.com.
All articles 2006-21 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.