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In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the ‘summary of the operation’ below, containing the information provided by the parties.
This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.
The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.
Names of the companies and groups concerned:
- The acquirer: The company ‘Hop Lun Finance Limited’;
- The targets:
- The company ‘TOBAGO SARLAU’;
- The company ‘Chantma SARL’;
- The company ‘Famaco SA’;
- The company ‘Atma Lingerie SA’.
Nature of the operation
- Exclusive takeover.
Economic sectors concerned:
- Manufacturing and distribution market of lingerie and swimwear products.
Deadline for interested third parties to submit their observations:
- 10 days from the date of publication of this press release, i.e. October 13, 2025.
NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES
The Competition Council received notification of an economic concentration operation concerning the exclusive takeover by the company ‘Hop Lun Finance Limited’ of the company Tobago SARLAU and three Moroccan subsidiaries controlled by ‘Chantelle SA’, namely: ‘Chantma SARL’, ‘Famaco SA’, and ‘Atma Lingerie SA’, through:
- The acquisition of 100% of the share capital of the companies ‘TOBAGO S.A.R.L.A.U’ and ‘Chantma SARL’ and ‘Famaco SA’ and the voting rights attached thereto;
- The acquisition of 99.99% of the share capital of the company ‘Atma Lingerie SA’ and the voting rights attached thereto.
‘Hop Lun Finance Limited’ is a commercial company (BVI Business Company) under the laws of the British Virgin Islands with its registered office at Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands, registered with the corporate affairs registry of the British Virgin Islands under number 1837938. It is an investment holding company of the Hop Lun group based in Hong Kong, engaged in the manufacture of bras, panties, and complementary products, mainly swimwear and shaping garments.
‘Tobago SARLAU’ is a single-member limited liability company under Moroccan law with its registered office at 2-3 Boulevard Chefchaouni, Mohammedia, Kingdom of Morocco, registered with the Trade Register of Mohammedia under number 1661. It specializes in the manufacture and marketing of lingerie and swimwear.
‘Chantma SARL’ is a limited liability company under Moroccan law with its registered office at Lot No. 122, Industrial Zone of Sahel, 26400, Had Soualem, Morocco, registered with the Trade Register of Berrechid under number 1791. ‘Chantma SARL’ is part of the Chantelle Group, a French lingerie group that designs, manufactures, and distributes lingerie and underwear.
‘Famaco SA’ is a Moroccan joint-stock company with its registered office at Lot No. 122, Industrial Zone of Sahel, 26400, Had Soualem, Morocco, registered with the Trade Register of Berrechid under number 2935. FAMACO is part of the Chantelle Group, a French lingerie group that designs, manufactures, and distributes lingerie and underwear.
‘Atma Lingerie SA’ is a Moroccan joint-stock company with its registered office at Lot D 2, Industrial Zone Takadoum, Rabat, Kingdom of Morocco, registered with the Trade Register of Rabat under number 49249. ‘Atma Lingerie SA’ is part of the Chantelle Group, a French lingerie group that designs, manufactures, and distributes lingerie and underwear.
Done in Rabat on October 2, 2025
