L’Occitane Announces Privatisation Offer
The transaction, which includes funding from Blackstone and Goldman Sachs, values the company at $6.4 billion.
BoF speaks to Vogue Turkey’s founding editor-in-chief on how the country’s fashion ecosystem is evolving and introduces 10 designers showcasing at Mercedes-Benz Fashion Week Istanbul to watch this season.
Shoppers have been lining up to splurge at luxury brands like Louis Vuitton, Chanel and Hermès.
The Turkish handbag label, known for its geometric designs, is launching footwear in October and will present the collection during Paris Fashion Week.
For many fashion executives, two years of upheaval has led to uncertainty, but for others Turkey’s increasingly polarised market signals new business opportunities.
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The luxury retailer will proceed with an Istanbul listing of up to 40 percent of its capital.
Its parent company plans to offer as much as 49 percent of the department store and is in talks Bank of America, Citigroup and Deutsche Bank.
The tag calls on the shopper to pressure Zara into paying garment workers and support their campaign.
The deal promises to shake up a moribund market for Turkish IPOs, characterised by years of cancelled or postponed sales and short-lived listings.
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The Iskur group, a supplier to fashion brands including Zara, Adidas and Nike, sees its $100 million investment as showing the way for other companies from western Turkey to take advantage of government incentives.
The restrictions are being imposed after some articles and photos in the March issue were deemed to be injurious to the morality of children under the age of 18.
Local resellers using WhatsApp, Telegram and Instagram are filling the gap in lucrative but isolated pockets of the Middle Eastern fashion market.
The potential for online retail growth in Turkey is increasingly attracting overseas players and investors.
The transaction, which includes funding from Blackstone and Goldman Sachs, values the company at $6.4 billion.
The Lithuania-based group said growth had been spurred by entering new markets including Denmark and Finland and an expansion into luxury fashion.
The Barcelona-based firm set the price guidance at €24.50 per share, according to terms seen by Bloomberg News, giving the company an implied market value of €13.9 billion ($14.9 billion).
Chairman Reinold Geiger’s investment holding company, L’Occitane Groupe SA, is considering an offer for the Hong-Kong listed firm’s shares he does not already own, at HK$33 to HK$34 per share, the report said, citing people familiar with the matter.
The private equity fund has entered into a definitive deal with the Percassi family, which will retain a “significant stake” in the business.
The company confirmed in January that it planned to restart activities in Venezuela in the first half of 2024 with local partner Grupo Futura.
The move means Shein could be liable for fines of as much as 6 percent of global revenue for violating the law, designed to curtail the spread of illegal content online.
Since the merger announcement, Capri has reported weaker-than-forecast earnings twice, spurring concern about its performance in the coming quarters.