sitemaps.org/schemas/sitemap/0.9/sitemap.xsd BrandArena : South African tycoon acquires New Look

Friday 15 May 2015

South African tycoon acquires New Look

UK fashion chain New Look, which was preparing a flotation in London, has instead agreed to a £780m takeover by Brait, the private equity vehicle of South African retail tycoon Christo Wiese.
 
Christo Wiese. Image: paperscreen.co.za
Brait will buy 90% of New Look in a deal that, including the debt built up by owners Apax and Permira since they bought the chain in 2004, values the womenswear retailer at almost £1.9bn.


New Look said in February it was considering an initial public offering (IPO) and that it aimed to open more than 50 extra stores in China by April 2016. Last year it pulled out of Russia and sold the cheap French clothes chain Mim after years of disappointing performance, according to The Guardian.

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