Acquisitions, bankruptcies, and consolidation
In recent years, we have had to say goodbye to several established and recognized fashion companies due to closures and bankruptcies. However, many fashion brands have either been acquired or brought in new investors, which have provided a financial foundation and secured a new chapter in the company’s history. We have interviewed several industry players who have been part of either an acquisition, a bankruptcy, or have welcomed new investors. This is also the story of six individuals who have tackled the different crises in the industry in their own way.
Bruuns Bazaar: “We’re building on PBO’s strong foundation”
After an intense process, Bruuns Bazaar and CEO Thomas Bæch acquired fashion company PBO in December 2023, including three brands and about 30 employees. A year later, the result is growth, strong synergies, and a united team now operating from their headquarters in Risskov.
If we rewind to December 2023, Bruuns Bazaar faced a pivotal decision. After being contacted by PBO’s lawyer in late November, a process began to determine the future of PBO, its employees, and its three brands: Philosophy Blues Original, Heartmade, and Rue de Femme. On December 14, 2023, PBO officially declared bankruptcy in Aarhus Bankruptcy Court. Behind the scenes, efforts to find a solution moved swiftly, attracting interest from multiple stakeholders. Within weeks, the deal was finalized, and on December 20, 2023, Bruuns Bazaar took over PBO.
For Thomas Bæch, CEO of Bruuns Bazaar, the acquisition was a carefully considered decision:
“PBO’s three brands fit well within a unified brand universe, offering differentiation while also providing strong synergies. PBO has well-managed brands that align perfectly with ours.”
The acquisition felt like “an early Christmas gift” to Thomas Bæch. According to him, it was a unique opportunity to strengthen the company’s brand universe:
“We saw the potential to combine our strengths and build on a solid foundation – in terms of brands, culture, ethics, and people,” says Bæch.
PBO was owned and operated by Helle Tønder Jørgensen, who took over in 2020 after the previous owner, Mogens Jørgensen, had led the company for nearly 20 years.
“Helle (Tønder Jørgensen, ed.) is a vital part of PBO’s history and culture. She made a significant contribution, even during the transitional phase. PBO was not just a company – it was another family’s life’s work. It was important to me to carry it forward in a way that ensured everyone’s confidence,” says Bæch.
A new joint beginning
The new organization under Bæch was built on respect and transparency:
“My role was to clearly communicate the path forward, especially to PBO’s employees. It required understanding their culture and giving them the time and attention they needed. As a CEO, it’s still about ensuring that everyone – every person and every brand – feels recognized.”
At the same time, efforts were made to allow the four brands – Bruuns Bazaar, Philosophy Blues Original, Heartmade, and Rue de Femme – to maintain their individual identities.
“Each brand has its own strengths. We’ve deliberately avoided mixing their creative processes or design teams. Their unique DNA and teams are what make them strong,” Bæch explains.
One of the biggest challenges in the integration process was transitioning PBO from an analog system to Bruuns Bazaar’s digital platforms:
“The IT platform was one of the most significant cultural changes. PBO came from a paper-based system – a folder for everything. Today, we operate with fully digitized solutions. It required an enormous effort from our teams, but we’ve successfully navigated through it, even if it wasn’t without a few gray hairs,” says Bæch.
The Risskov headquarters, which previously served as PBO’s main office, became the focal point for the new organization. Logistics, finances, and shared functions were centralized there, while each brand retained its dedicated teams for design, sales, and marketing.
“Bringing all employees together in Risskov has been an advantage. We’ve created a workplace where everyone can draw on shared resources while working dedicatedly on their brands, collaborating with strong partners, and maintaining good customer and supplier relationships.”
Stronger together
A year after the acquisition, the company is stronger than ever, both domestically and internationally.
“We have a clear growth strategy for exports, particularly in Europe. PBO’s brands have significant potential in new markets, and we are actively working to expand our reach through key accounts and strategic partnerships,” says Bæch, who emphasizes that the process has been a learning journey:
“We might have been more decisive at the outset, but the most important thing has been ensuring employee well-being. We shouldn’t move faster than the organization can keep up. Today, we are strong and ready for the next phase.”
For Bæch, the future is about building on the solid foundation that has been established:
“We’ve invested in all the brands, and we believe in them. Step by step, we’re growing stronger – not just as a company but also as an organization of people working as a unified team.”
