Dixons Retail today revealed plans to sell PIXmania to a German company so that it can ‘stick to its knitting’ by building on its own multichannel strengths.
The group, whose retail brands include PC World and Currys, says the move will give the French pureplay the “different kind of entrepreneurial vigour” it needs.
Dixons Retail announced this morning that it had received an offer from German company mutates AG, which plans to develop PIXmania’s ecommerce operations. But the only financial aspect of the offer that was revealed was Dixons’ plan to put €69m (£59m) euros into supporting mutuares’ plans for the pureplay.
The news came as Dixons revealed its latest group sales figures, with like-for-like sales in its both its multichannel businesses and across the group up by 4% in the first quarter to July 31. Its multichannel operations have grown ahead of that, with sales up by 6% in the quarter. Pixmania sales, on the other hand, were 32% down on the same time last year.
Sebastian James, group chief executive of Dixons Retail, said: “I am a passionate believer that Dixons succeeds where we offer our customers an integrated multichannel proposition, where we are the market leader and that we do best when I stick to our knitting.”
He added: “In order to succeed as a pureplay etailer PIXmania needs a different kind of entrepreneurial vigour. I am therefore delighted that we have found a potential solution that offers the prospect of a good future for PIXmania outside the group.”
Before the deal can proceed, Dixons must consult with PIXmania’s workds councils under French law. Dixons also said today it had agreed to sell its ElectroWorld operations in Turkey to Turkish electricals retailer Bimeks.