CEO Corneel De Maeyer: “The trust of our shareholders and the commitment of management are the cornerstones of our future. We are ready to realize our ambitions.”
Following a successful transformation, Veritas, the leading sewing and fashion chain with 120 stores in Belgium, the Netherlands and Luxembourg, today announces a strategic shareholder change. This move strengthens the company’s future and opens up new opportunities for growth and innovation. A number of current shareholders remain on board, including Erwin Van Osta, Carl Liekens and Walter Van Gastel, while CEO Corneel De Maeyer joins as a shareholder. Together with a strong group of individual entrepreneurs, they underline confidence in Veritas’ growth potential.
Impressive growth and doubling of EBITDA
Since the acquisition in late 2019, Veritas has experienced an impressive transformation under the leadership of Corneel De Maeyer. Revenue rose to more than 100 million euros, while operating profit (EBITDA) doubled to 10 million euros by 2023. These achievements are the result of a strategic focus on assortment renewal, operational efficiency and customer focus.
Erik Verkest, CEO of CIM Capital: “We are proud to hand over the company to a dynamic team of entrepreneurs after a successful transformation. For CIM Capital, this marks an important milestone.”
A strong network: 120 stores and growth ambitions
The new ownership structure is aimed at combining stability and growth. With a team of experienced entrepreneurs and a clear vision for the future, Veritas is better positioned than ever to further strengthen its position in the market.
CEO Corneel De Maeyer concludes, “We are stronger today than ever. With confidence and ambition we look forward, supported by a team that is helping to build a successful future for Veritas.”
Smart deal: stability and growth
The transaction was realized through an innovative “Smart Deal,” in which SDM Corporate Finance played a central role. Monard Law handled the legal agreements and PWC supported the process with due diligence and tax expertise. The financing was co-sponsored by KBC and Fortis Bank. CIM Capital was advised by Laurius.
About Veritas
The story of Veritas starts in 1892 when Jean-Baptiste Leestmans buys an old mercerie store in the heart of Antwerp. So many years later, Veritas has grown into a retail chain with 120 stores in the Benelux and market leader in legwear and mercerie. Today, Veritas exists 132 years and legwear and mercerie are still part of their core business. In addition, Veritas aims to inspire its customers with practical take-home items and ready-to-wear pieces that perfectly match the latest fashion trends and complete any look.
You will find at Veritas a nice range of own brands including Insua and well-known brands such as Chantelle, Calvin Klein, Stox, Wolford, Falke and Tommy Hilfiger…. Numerous new stores and flagship stores were also opened in Bruges, Antwerp, Westland-Shopping and Knokke, among others.
At Veritas, customer focus is key. The brand strives to offer products of ever-higher quality, with a varied assortment suitable for all ages – from the creative DIY enthusiast to the fashion-conscious fashionista. With original DIY items, trendy ready-to-wear styles and attractive bargains, Veritas continues to surprise again and again. In addition, Veritas values a strong connection with its customers, both online through social media and newsletters, and offline in-store, where personal advice and listening to the customer are paramount. With passion and dedication, Veritas aims to continue to inspire customers so they can shop carefree and create their own style.
“Create who you are, every style, every day.”
veryveritas #weareveritas#verismart#sdm#smartdeals
For press inquiries
Corneel De Maeyer
Corneel.Demaeyer@veritas.be
+32 34501123
