The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
DOHA, Qatar — Mayhoola for Investments Opc, a buyout firm from Qatar, will purchase 30.7 percent of the Turkish distributor of luxury brands including Dolce & Gabbana and Christian Dior.
Mayhoola, the Doha-based owners of Italian luxury clothing company Valentino Fashion Group SpA, will pay Boyner Perakende ve Tekstil Yatirimlari AS 885 million liras ($332 million), comprising 50 liras ($18.79) for each of 17.7 million newly issued shares, a public filing showed Wednesday.
Boyner will use the proceeds to pay for the acquisition of stakes in fashion retailer Beymen Magazacilik and department store operator Boyner Buyuk Magazacilik, the statement shows. A Boyner unit made the purchases from Citi Venture Capital International for $384 million in 2013.
Boyner Perakende rose as much as 10 percent to 52.8 liras in Istanbul trading, the most since March 23. Boyner Buyuk Magazacilik rose as much as 10 percent to 6.12 liras.
After the transaction, the Qatari investor will own 30.7 percent of the 57.7 million shares in Boyner Perakende, pending regulatory approvals, the filing shows. Boyner Perakende’s free float on the Istanbul exchange will fall to 14.5 percent from 20.9 percent, Boyner said in an e-mailed statement.
Boyner suspended the sale process for its Ay Marka Magazacilik retail unit until regulatory approvals for the stake sale to Mayhoola are obtained, it said.
By Ercan Ersoy; editors: Dale Crofts, John Viljoen, Cindy Roberts.
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