Inno department stores taken over by Swedish group

Department store chain Inno has plans to open more shops in Belgium following its acquisition by Scandinavian group Axcent and investment company Skel.

Inno currently has 16 shops in major cities in Belgium and about 1,000 employees. The purchase price for the acquisition has not been made public.

“Since the initial discussions with Axcent/Skel, we’ve been thinking about an additional Inno shop format,” said Armin Devender, chief executive of Inno in Belgium. “This project involves opening new shops in Belgium.”

The new shops would be opened in small and medium-sized towns, a spokesperson said, with more details expected in early autumn.

“I’m grateful and excited for this opportunity to develop Inno for the future and to soon bring Inno to many more cities in Belgium by opening new department stores to better serve Inno's loyal customers,” said Swedish entrepreneur Ayad Al-Saffar, chief executive and main shareholder of Axcent.

Calling Inno a "well-known brand in this sector in Belgium", the company added that there was potential to "further improve".

“We've created the groundwork for faster growth in the years ahead, driven by the new owners' knowledge and experience in retail,” said Inno chief executive Armin Devender.

“For example, new ways of developing and distributing our own brands will emerge.”

Inno describes itself as the only department store in Belgium to offer "a wide range of high-end and consumer brands".

The chain has been operating in Belgium for 127 years.