Hong Kong Group sold to Rusta
The Finnish discount retailer Hong Kong Oy sold 100% of the company to the Swedish discount store chain Rusta AB in a cash and shares transaction.
Hong Kong Group owns and operates 24 Hong Kong department stores and four garden centers in Finland, as well as a webstore, which delivers to Finland, Sweden, and Russia. The company, founded in 1989, has close to 500 employees and sales of around EUR 100 million.
Rusta AB is a Swedish discount store retailer with a broad product range that is centered around home living. The company was founded in 1986 and currently has 90 stores in Sweden, 24 in Norway and two in Germany. Rusta had EUR 480 million in sales in 2017.