The private equity firm Kohlberg Kravis Roberts & Co with its afflilates has signed an agreement to purchase a majority shareholder's stake in SMCP Group. SMCP Group is a luxury ready to wear apparel retailer.
With the purchase, KKR would own about 65% of SMCP's share capital and the management group of SMCP retaining the 35%. The agreement's effectivity is subject to regulatory approval and other customary closing conditions.
According to Evelyne Chetrite, SMCP Group President, "I have created this beautiful family history with my sister, Judith Milgrom, and I am pleased to embark on a new phase of our lives with KKR. Alongside Elie Kouby and Frédéric Biousse, Judith and I are reaffirming our full commitment to the business and have great ambitions for the group: building a global leader in the affordable luxury segment."
This was seconded by Jacques Garajalde, Managing Director for French operations of KKR and Partner in saying, "SMCP is a remarkable business with an outstanding management team. The Company has developed strong French brands with international appeal, and high quality products at affordable prices that meet the needs of consumers around the world. We are pleased to support the team in their growth strategy."
Join the Conversation