US fashion company The Gap Inc (NYSE:GPS) has agreed to acquire women’s fashion boutique Intermix Inc for USD130m (EUR98.8m), the Wall Street Journal (WSJ) reported.
The deal represents Gap’s first acquisition since 2008 when it bought women’s active apparel retailer Athleta Inc for USD150m.
The target operates 30 stores in the US and Canada and Gap plans to double them and expand the chain overseas, Art Peck, president in charge of new brands at Gap, told the WSJ.
Intermix’s private-equity owner, Goode Partners LLC, and Gap started takeover discussions in late October 2012 and completed them at the end of last year, Intermix founder and CEO Khajak Keledjian said. Goode Partners owned a 40% stake in the retailer, which generates annual sales of some USD130, according to a knowledgeable source.
As part of the deal, Keledjian will remain at the company as chief creative officer.
French luxury goods giant LVMH Moet Hennessy Louis Vuitton SA (EPA:MC) said it had bought premium leather products manufacturer Les Tanneries Roux SAS without providing information on financial terms.
Jean-Claude Ricomard will retain his position as chairman and work to ensure that Les Tanneries Roux continues to follow its successful growth strategy in the years ahead.
The acquisition provides the latest evidence of LVMH’s drive to expand its expertise in the leather goods segment. In 2009, the company established Les Tanneries de la Comete SA in a joint venture partnership with Tannerie Masure. Last October, LVMH bought a 51% stake in Singapore-based Heng Long International Ltd, one of the leading global suppliers of crocodile skins.
Les Tanneries Roux was set up in 1803 in Romans-sur-Isere. The French group is considered the pioneer in the use of calf skins, whose smooth and supple quality makes them very suitable for high-end leather products. In the past two decades, Les Tanneries Roux has counted among its partners the likes of Louis Vuitton, Christian Dior, Loewe, Celine and Moynat.
Present-day LVMH was created in 1987 through the merger of Moet Hennessy and Louis Vuitton. The French conglomerate owns a vast portfolio of luxury brands, among them Christian Dior, Givenchy, Dom Perignon, Dona Karan and Kenzo.
The retail giant, All Saints, may have found it saviours in a lucky escape from closing down many of it’s stores.
A last minute deal was pulled off rescuing 2,000 staff and keeping open all 62 stores and 45 concessions in Europe, America and Russia.
The fashion chain, best known for it’s vintage feel sitting at the higher priced end of the high street was on the verge of collapse after running out of cash due to ill-timed expansion.
Chief executive Stephen Craig held protracted talks with a number of investors who had left and amazingly at the last minute secured a deal with a consortium including private equity firms Lion Capital and Goode Partners for £105m.
The deal will be finalised next week and will give Lion takes 65 per cent stake, founder Kevin Stanford will retain 15 per cent and Goode 11 per cent. The management will share the remainder.