UK fashion chain New
Look, which was preparing a flotation in London, has instead agreed to a £780m
takeover by Brait, the private equity vehicle of South African retail tycoon
Christo Wiese.
 |
| Christo Wiese. Image: paperscreen.co.za |
Brait will buy 90% of
New Look in a deal that, including the debt built up by owners Apax and Permira
since they bought the chain in 2004, values the womenswear retailer at almost
£1.9bn.
New Look said in
February it was considering an initial public offering (IPO) and that it aimed
to open more than 50 extra stores in China by April 2016. Last year it pulled out
of Russia and sold the cheap French clothes chain Mim after years of
disappointing performance, according to The Guardian.
No comments:
Post a Comment