operational expertise + financial acumen =
Apparel retail
July 2016
Fund Investment Date:
Gross Turnover at Acquisition (incl. franchising):
€133 million
OpCapita Executives:
John Coleman, David Hamid & Chris McDermott
Key Facts
Founded in 1882 in Aachen, AppelrathCüpper is a leading multi-brand women's apparel retailer, with 15 stores in key cities in Germany. The Company has a premium offering and ambience in its stores, delivering top quality service and advice through its 870 employees. The retailer offers a wide variety of top European brands through its network of prime retail locations, its user-friendly online shop and attractive loyalty programme.

Womenswear in Germany represents a c. €30bn market and has remained stable, at a growth rate of c.1% per annum between 2010 and 2015. Apparel specialists such as AppelrathCüpper continue to be the largest segment in apparel retail, with a market share of approximately 45%.

AppelrathCüpper is the only multi-brand retail chain of scale in Germany that focuses exclusively on womenswear. The brand complements OpCapita Consumer Opportunities Fund's other apparel holding in the German market – value retailer NKD – and provides an excellent existing store positions across the current portfolio, and scope for further expansion within Germany.

OpCapita will drive the growth and development of AppelrathCüpper in close collaboration with the Company's long-standing management team, through a programme designed to enhance the Company's existing retail footprint, expand its premium brand concept, open new stores and enhance the integration of online and offline sales channels.

Since our investment, we have undertaken to:
  • Review the current brand portfolio and space allocations
  • Add new complementary product categories
  • Improve store execution and visual merchandising
  • Strengthen merchandise planning disciplines
  • Ensure profitable development of the e-commerce platform
  • Leverage the Company's loyalty programme to drive customer engagement
  • Selected new openings and/or integration of targeted acquisitions in attractive German city markets
stores and an online shop