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.

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