Nokia completes its sale of Vertu to EQI VI for an undisclosed amount, whilst LVMH acquired made-to-measure French menswear brand Arnys in a bid to boost Berluti.
LVMH has wholly acquired French menswear manufacturer Arnys, a brand synonymous with expertise in haute couture and made-to-measure tailoring for men. The family business will continue to be led by Jean Grimbert, whilst its existing boutique on rue de Sevres, Paris, will become the flagship store for Berluti’s new activities, where the brand will debut made-to-measure suiting as ‘Berluti by Arnys’.
Graff has cancelled its planned $1bn Hong Kong listing after receiving orders for just half of its targeted initial public offering, owing to adverse market conditions. A company spokesman explained: “Consistently declining stock markets proved to be a significant barrier to executing the trans-action at this time.”
Italian family-owned fashion house Versace is said to have picked Goldman Sachs to seek a partner or study other financial solutions for the medium term, which could include an initial public offering. “The management is studying some advisors, but no solution has yet been decided,” Chief Executive Gian Giacomo Ferraris said in a text to Reuters.
South African private equity company Pallinghurst Resources Limited, has invested $29 million into the Fabergé jewellery company, in order to fund its growth strategy, according to South African journal Business Day.
Source: Israeli Diamond Industry News
Kazakh billionaire Goga Ashkenazi has agreed to buy a majority stake in fashion house Vionnet, which was re-launched in 2009 by a group of Italian investors led by former Valentino chief Matteo Marzotto. The London-based entrepreneur with interests in the oil industry will help the house grow in a globalised industry.
US fashion company The Jones Group has acquired a majority stake in the luxury shoe brand Brian Atwood, where Atwood will retain a minority share in his eponymous company and continue to serve as creative director. Jones and Atwood are forming a joint venture which owns the brand’s intellectual property rights as well as its existing licenses.
Source: Fashion Windows
Nokia has announced the sale of luxury brand Vertu to private equity fund EQT VI, details of which have not been disclosed. Earlier speculation identified Permira as a potential buyer, with a price tag of $200 million. The Financial Times estimated Vertu’s annual revenue at €200-300 million.
Sahara Group is said to be purchasing Elad Properties’ share in New York’s iconic Plaza Hotel for $570 million. The Israeli real estate company jointly owns the hotel alongside Saudi-based Kingdom Holdings, but is thought. The property has been managed by Fairmont Hotels & Resorts Inc since 1999.
Moda Operandi, the runway-to-retail e-Commerce site founded by Lauren Santo Domingo and Aslaug Magnusdottir, has raised $36 million in Series C funding. New investors RRE Ventures led the round with participation from existing investors New Enterprise Associates, New Atlantic Ventures and Conde Nast. IMG and LVMH also joined in as strategic investors.
De Beers has exited negotiations with BHP Billiton, for its 80% stake in the EKATI diamond mine. De Beers confirmed it would not submit an offer, in a further sign of cooling interest in the auction process for the BHP mine in Canada’s northern reaches.
French fashion label Marithé & François Girbaud recently filed for the French equivalent of Chapter 11 bankruptcy protection, only to be ‘rescued’ one week later, by Indian firm Fibres & Fabrics International (FFI).
FFI is acquiring the brand’s production and distribution activities under license, whilst Founders Marithé Bachellerie, François Girbaud and their son Olivier Bachellerie will remain owners and maintain creative control of the company.
Source: Fashion United
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