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Diverse plans second public outing

Eurobuild CEE 05 March 2018
Diverse plans second public outing
Diverse failed to debut in 2015 due to adverse market conditions
POLAND Diverse, a clothing brand, owned by Etos, is to debut on the Warsaw Stock Exchange (WSE) in the first half of the year.

In January, the company filed its prospectus with the Polish Financial Supervision Authority. This is the second time the company has announced that it will list on the WSE. In 2015 the company failed to list due to what it claimed were unfavourable market conditions, uncertainty on the clothing market, a sudden increase in the price of the dollar and strong sales registered by the company’s main competitors. “The suspension of the previous offering was a considered decision that resulted from the condition of the clothing market. The current situation is definitely very different “Ethos and the whole industry are benefiting from the strong economy andthe dollar exchange rate. This will help us realise the company's value on the Warsaw Stock Exchange,” says Marcin Bielski, the president of Etos, told Eurobuild CEE. Details of the offering will not be made public until the publication of the prospectus. In 2017 Etos had sales that came to PLN 394 mln, which was much lower than in 2016 when sales came to PLN 353 mln. No further data can be released by the company whilst it is undergoing an audit. Diverse has been on the sports clothing market since 1993. It currently operates a chain of 333 shops, including 152 franchises and an online store. Diverse stores are mainly located in shopping centres and on city high streets. It also has stores through partnership deals in Russia, Kazakhstan, Georgia, Armenia, Belarus and Ukraine although Etos itself is not planning to open any stores outside of Poland.

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