Designer clothes group 'set for takeover auction'
Women’s designer clothing brand Joseph is gearing up for an auction that could value it at £100m (€145m), it was reported today.
The group, which sells upmarket fashion mainly through stores and concessions in London, is said to be preparing to send financial information to more than 20 potential bidders next week.
According to The Times, interested parties could include private equity group 3i, which recently bought women’s fashion group Hobbs, and investment company Hicks Muse, which took over designer footwear brand Jimmy Choo last year.
Joseph was set up by former hairdresser Joseph Ettedgui, who started selling clothes through a salon in Chelsea.
It now has around 30 stand-alone stores and 30 department store concessions in the UK, Ireland, France, the United States and Japan. London department stores that sell its clothing include Harrods, Harvey Nicols and Selfridges.
The group also has three Joe’s cafes in the capital, which are linked to its clothing stores.
Joseph is 57% owned by Belgian financier Gerald Frere’s investment vehicle Compagnie Nationale a Portefeuille, while Mr Ettedgui, his brother and other investment groups also hold smaller stakes.
It is understood that all the company’s shareholders will cash in their shares as part of the sale, which is expected to be completed by May.
A spokeswoman for the company would not comment on the report today.
