Business
The City Chic (ASX:CCX) share price has been tipped to jump 21% higher from here
On Monday the City Chic Collective Ltd (ASX: CCX) share price was in sensational form.
The fashion retailer’s shares surged 11% higher to $3.52.
Why did the City Chic share price surge higher?
Investors were buying the company’s shares after it announced a binding asset purchase agreement to acquire UK-based women’s plus-size clothing retailer Evans for 23.1 million pounds (A$41 million).
Evans is a UK-based retailer of women’s plus-size clothing with a longstanding customer base and strong market position. The Evans assets will be acquired from the Arcadia group, which entered into administration on 30 November.
Management notes that the acquisition provides the company with a platform to launch into a new market worth 5…
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