DGAP-News: TOM TAILOR Group: No approval from consortium banks for sale of BONITA

PRESS RELEASE

TOM TAILOR Group: No approval from consortium banks for sale of BONITA

- No sufficient majority for approval to complete the sale of BONITA

- Review of further strategic alternatives for BONITA

- Ongoing negotiations between majority shareholder Fosun and consortium banks regarding financial contribution

Hamburg, 31 May 2019. The consortium banks today informed TOM TAILOR Holding SE (ISIN DE000A0STST2, "the Company") that a sufficient majority for approval to complete the sale of the BONITA division does not exist. The Company had signed a contract for the sale of its subsidiary BONITA GmbH to Dutch company Victory & Dreams International Holding B.V. on 20 March 2019. The Management Board will continue its efforts to obtain the approval of the banks; however, it is currently working on the assumption that such approval is unlikely. The Management Board is therefore now reviewing all strategic alternatives for BONITA, including the resumption of the selling process. At the same time, the ongoing restructuring measures will be further intensified.

"We are very disappointed by this development - as on the one hand the sale of BONITA has not been completed despite all efforts in this regard; and on the other hand because we still consider it the best option", says Dr Heiko Schäfer CEO of TOM TAILOR Holding SE. "The Management Board will therefore continue to do its utmost to find a satisfying solution for all concerned and to further drive the restructuring of BONITA".

Meanwhile, the currently stalling negotiations with the consortium banks regarding the adjustment of the consortium's loan contract, as well as with majority shareholder Fosun about its financial contribution, are continuing. As already laid out in the press release dated 13 May 2019, the financial contribution should serve to improve the economic equity of the TOM TAILOR Group. The equity was burdened by the continuing deterioration in BONITA's business performance, the full write-down of the brand value in the amount of EUR 184.5 million that became necessary, as well as further significant impairment of assets of the BONITA division on 31 December 2018.

About TOM TAILOR Group
TOM TAILOR Group is an international, vertically integrated fashion company focused on casual wear in the medium price segment. The product portfolio is complemented by an extensive range of fashionable accessories. With its brands, the company covers the various core segments of the fashion market. The TOM TAILOR brand is marketed through the retail and wholesale segments, and thus through single-label stores as well as wholesale partners. These include 453 TOM TAILOR stores and 184 franchise stores, 2,546 shop-in-shops and 6,949 multi-label points of sale. The brand is present in more than 35 countries. The BONITA brand has 742 retail stores and 88 shop-in-shop spaces. The collections of both brands are also available through their respective online shops.

Information is also available at www.tom-tailor-group.com

Media contact
Harriet Weiler
Head of Corporate Communications
TOM TAILOR Group
Phone: +49 (0) 40 58956-168
E-mail: harriet.weiler@tom-tailor.com

Investor contact
Viona Brandt
Head of Investor Relations
TOM TAILOR Group
Phone: +49 (0) 40 58956-449
E-mail: viona.brandt@tom-tailor.com