South African investor Brait has acquired 90 % of the British fashion company New Look for 780 million pounds (1.1 billion euro). The founder's familiy and current management will control the remaining 10 % of shares.
In the light of this deal, New Look's value is now estimated to be 2 billion pounds (2.8 billion euro), including debt. It is currently the second largest women's fashion retailer in the United Kingdom and was the property of two investment companies, Apax and Permira, from 2004 until now.
New Look, founded in 1969, currently has more than 1,200 stores worldwide and had always been British up until Brait's acquisition. Brait itself was founded by South African billionaire Christo Wiese.
New Look's CEO, Anders Kristiansen, teased a possible IPO at the start of the year, but that plan won't come to fruition now as Kristiansen believes the Brait deal is better for New Look in the long run.