【英语财经】山东如意将收购法国轻奢时尚集团 Chinese textile maker set to buy French fashion brands

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2016-3-30 19:50

小艾摘要: US private equity firm KKR plans to sell SMCP to China’s Shandong Ruyi in a deal that values the French fashion group at ¢1.3bn including debt, according to people familiar with the matter.The owner ...
Chinese textile maker set to buy French fashion brands
US private equity firm KKR plans to sell SMCP to China’s Shandong Ruyi in a deal that values the French fashion group at ¢1.3bn including debt, according to people familiar with the matter.

The owner of the Sandro and Claudie Pierlot brands would become the latest European luxury target to fall into Chinese hands under an arrangement that would see the textile manufacturer buy KKR’s majority stake in SMCP.

The deal, expected to be announced today, would mark an abrupt reversal of plans for KKR. It said this month that it planned to list SMCP on the Paris stock exchange as early as this summer.

KKR declined to comment. The New York-based private equity group bought 65 per cent of SMCP three years ago from L Capital, the private-equity investing arm of French luxury group LVMH, and Florac, another buyout group, in a deal that valued SMCP at about ¢650m including debt.

The deal is the latest international foray by Shandong Ruyi, which in 2012 led an international consortium to buy Cubbie Station, an Australian cotton farm, for $232m. It had been in talks with SMCP before the flotation plans.

SMCP has enjoyed rapid growth in recent years as its labels tapped in to the accessible luxury market.

The group now has more than 1,100 stores worldwide including a recent expansion into Hong Kong and mainland China to cater to the region’s fast-growing middle classes.

The group was founded by Evelyne Chétrite and Judit Milgrom, two sisters. Ms Chétrite began Sandro, which dresses young executives, in the late 1980s. Mrs Milgrom founded Maje, which targets urban teenagers. The two acquired Claudie Pierlot in 2009.

According to the registration statement SMCP filed ahead of its planned IPO, the two founders own a little more than 21 per cent of the group, and 14.6 per cent of the voting rights. KKR owns 69.8 per cent, and 78.8 per cent of voting rights.

Group earnings before interest, taxes, depreciation and amortisation (ebitda) last year were ¢107m, 44 per cent up on a year earlier. Revenues were ¢675m, 33 per cent more than in 2014.

Daniel Lalonde, SMCP’s chief executive, said at the time of the IPO registration filing that the listing would include a capital increase of ¢150m — ¢175m. He also said that the money raised would help reduce its ¢290m debt.

The prior negotiations between KKR and Shandong Ruyi reportedly broke down over the price but also over the amount that the founding sisters would be prepared to sell of their stake. The people familiar with this week’s planned sale announcement said it will see the sisters retain a stake in the group.

知情人士称,美国私人股本公司KKR计划将SMCP出售给中国的山东如意,这笔交易对上述法国时尚集团估值13亿欧元(包括债务)。

拥有桑德罗(Sandro)和Claudie Pierlot等品牌的SMCP,将成为最新一个落入中资囊中的欧洲奢侈品目标。根据交易安排,身为纺织品制造商的山东如意将买下KKR在SMCP所持的多数股权。

预计今日宣布的这笔交易,将标志着KKR的计划发生突变。它在3月早些时候曾表示,计划最早于今年夏天将SMCP在巴黎证券交易所上市。

KKR拒绝置评。总部位于纽约的这家私人股本集团在三年前收购SMCP的65%股份,卖家是法国奢侈品集团路威酩轩(LVMH)的私人股本投资部门L Capital以及另一家收购集团Florac,那笔交易对SMCP估值6.5亿欧元(包括债务)。

这笔交易是山东如意最新的境外收购行动。2012年,该公司曾牵头一个国际财团以2.32亿美元买下澳大利亚库比棉花农场(Cubbie Station)。该公司在SMCP上市计划出炉之前就开始与SMCP洽谈。

SMCP近年享有快速增长,旗下品牌打入轻奢市场。

该集团目前在世界各地拥有1100多家门店,包括最近扩张进入香港和中国内地,迎合该地区快速发展壮大的中产阶层。

该集团由埃弗利娜?谢特里特(Evelyne Chétrite)和朱迪丝?米尔格龙(Judith Milgrom)两姐妹创立。谢特里特在上世纪80年代后期创立桑德罗,推出面向年轻高管的女装。米尔格龙创立Maje,瞄准城市青少年。2009年,两姐妹收购Claudie Pierlot。

根据SMCP在原计划的首次公开发行(IPO)之前提交的登记声明,两位创始人如今拥有集团略高于21%的股权,以及14.6%的投票权。KKR拥有69.8%的股权,以及78.8%的投票权。

集团去年的息税折旧及摊销前利润(EBITDA)为1.07亿欧元,较上年增长44%。营收为6.75亿欧元,比2014年高出33%。

SMCP首席执行官丹尼尔?拉隆德(Daniel Lalonde)在提交IPO登记声明时表示,上市将包括1.50亿至1.75亿欧元的增资。他还说,筹资所得将帮助减少该集团2.9亿欧元的债务。

据报道,KKR和山东如意之前进行的谈判曾经破裂,原因既涉及价码,也包括创始姐妹愿意出售多少股权。熟悉本周拟宣布的交易的人士称,两姐妹将保留一部分集团股份。

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