Fondo Strategio Italiano, one of the bidders for a 20% stake in Versace, is willing to put in a bid valuing the Italian fashion house at EUR1.1 billion. Versace earlier said that it seeks a valuation of at least EUR1 billion.
Fashion/Clothing
Leonard Green picks up Lucky Brand Jeans for $225M
Private equity firm Leonard Green & Partners has agreed to purchase Los Angeles-based jeans retailer Lucky Brand Jeans from Fifth & Pacific Companies Inc for USD225 million.
Bain Capital buys majority stake in parka maker Canada Goose
Bain Capital, the U.S. private equity firm, has bought a majority stake in Canada Goose Inc, a family-owned company which had been seeking an investor to help it meet demand for its high-end cold-weather gear.
Lululemon Athletica Founder Chip Wilson steps down as Chairman
Yoga-inspired athletic apparel firm Lululemon Athletica said Founder Chip Wilson will be stepping down as Chairman. He will be replaced by Michael Casey, the Lead Director of the Board.
Chanel acquires tannery in France
Luxury fashion house Chanel has acquired the Bodin-Joyeux tannery based in Levrous, France, in a bid to maintain the world-class quality of the fashion company's leathers.
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American retail chain Abercrombie & Fitch's shares increased by 5.8% to USD35.99 per share after activist investor Engaged Capital urged the firm to change its leadership and explore a possible sale.
An article published by the New York Times said that the Versace deal may not please investors. Versace valued itself at over EUR1 billion (USD1.36 billion), which is 14 times its current-year EBITDA at EUR70 million.
Engaged Capital, an activist hedge fund, wrote a letter to the board of Abercrombie & Fitch urging the retailer to replace CEO Michael S. Jeffries when his contract expires next year.
Private equity firm Sycamore Partners LLC is reportedly leading the bids for Men's Warehouse's discounted apparel and accessories store K&G. Sycamore is also in advanced talks to takeover Jones Group Inc.
German startup navabi, which sells designer brand clothing online, drew EUR10 million in new Series C funding from institutional investors led by private equity firm Index Ventures.
Cool Japan Fund is looking to invest in TV channels and retail properties in the US and Southeast Asia to promote the country's culture. Cool Japan is backed by the government as well as Japanese companies and is led by a former Carlyle Group executive.
India's Foreign Investment Promotion Board has given the green light to Hennes & Mauritz's (H&M) INR7.2 billion (USD115 million) investment. The Swedish retail-clothing company looks to open 50 stores in India.
Children's Place, the largest children's apparel retailer in the US, is in talks with Arvind Brands about a possible India entry next year. Children's Place is looking to expand its market outside North America.
According to a Bloomberg report, Fifth & Pacific's designer handbag maker Kate Spade may become the next hot acquisition for buyout firms and retailers after the company sells Juicy Couture and Lucky Brand.
