South African tycoon buys New Look

South African tycoon buys New Look

Billionaire Christo Wiese's company Brait acquired a 90 % stake in British fashion chain New Look, which had been investment funds Apax and Permira's property up until now.

Debt

Both companies have now sold their share to Brait for 780 million pounds (1.1 billion euro), after having paid 700 million pounds (970 million euro) for 90 % of the company back in 2004. The remaining 10 % have been and will remain under control of founder Tom Singh's family and several members of the board.

 

Analysts say Apax and Permira were desperate to sell off New Look, a company which has a 1 billion dollar (1.4 billion euro) debt. They had planned to bring the company to the stock exchange in 2010, but that plan never materialized.

 

Brait says the chain's 600 stores in the United Kingdom and its potential reach in China and Europe were the main reasons for the acquisition. Current CEO Anders Kristiansen will stay on as CEO.

Questions or comments? Please feel free to contact the editors


Italian gelato is European market leader

11/08/2017

Italian cuisine is revered all across the globe, with people often thinking of pizza and pasta. However, Italians also have an ironclad reputation when it comes to ice cream. This is also reflected in sales, because Italians are the European market leader.

Oprah Winfrey and Kraft Heinz join forces

10/08/2017

American tv star Oprah Winfrey has joined forces with Kraft Heinz to develop a range of “healthy and nutritious soups and side dishes”. The range, currently only available in the United States, should help Kraft Heinz generate turnover growth once more.

Ahold Delhaize continues to struggle in Belgium

09/08/2017

Belgian-Dutch supermarket group Ahold Delhaize has had a very good second quarter, with the company thinking last year's merger could result in lower costs than previously anticipated. On the other hand, Belgium's performance is still weak.

Sainsbury’s wants to cut 1,000 jobs

07/08/2017

Sainsbury’s, the second largest supermarket chain in the United Kingdom, is allegedly planning to cut 1,000 office jobs in order to save up to 500 million pounds (550 million euro).

Higher Kraft Heinz profit despite lower turnover

04/08/2017

Food company Kraft Heinz’ second quarter like-for-like turnover dropped slightly, but the American company did manage to seriously enhance its profitability.

Max Koeune becomes new McCain CEO

03/08/2017

Max Koeune will become potato processing company McCain Foods’ new CEO. The Canadian family business revealed the news after its current CEO, Belgian Dirk Van de Put, moved to the world’s largest snack manufacturer, Mondelez.

Back to top