Chinese in bid for New Look
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Chinese buyers are circling high profile UK fashion brand New Look.
UK news media are reporting negotiations are underway between a business linked with former Tesco CEO turned retail investor Sir Terry Leahy and a Chinese private equity group. The plan is to mount a joint venture bid for the business.
New Look is currently owned by founder Tom Singh and private equity groups Permira and Apax Partners. The reports suggest a bid of £2 billion for New Look, which has more than 1000 stores internationally and a staff of more than 30,000.
The US partner is Clayton, Dubilier & Rice, a private equity firm which owns 60 per cent of Luxembourg-based B&M. The Chinese partner is identified as CDH, another private equity group.
Sir Terry reportedly has a shareholding in CD&R through a Cayman Islands based fund and is an advisor to the group on its retail investments.
New Look has stores in Thailand, Korea, Singapore, Indonesia, China, Malaysia, Europe and the Middle East.
Questions & Answers
Q.Which entities currently own New Look, and what is the reported value of the proposed acquisition?
Which entities currently own New Look, and what is the reported value of the proposed acquisition?
New Look is currently owned by its founder Tom Singh, along with private equity groups Permira and Apax Partners. The reports suggest that the joint venture bid for the business is valued at £2 billion.
Q.What is Sir Terry Leahy's connection to the US private equity firm involved in the bid?
What is Sir Terry Leahy's connection to the US private equity firm involved in the bid?
Sir Terry Leahy reportedly has a shareholding in Clayton, Dubilier & Rice (CD&R) through a fund based in the Cayman Islands. He also advises the group on its retail investments.
Q.How extensive is New Look's global presence, according to the article?
How extensive is New Look's global presence, according to the article?
New Look operates more than 1000 stores internationally, employing over 30,000 staff members. Its global reach includes stores in Asia, Europe, and the Middle East.
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