Farhi Sold
NICOLE FARHI is on the
cusp of a new wave of business expansion after private equity group Kelso Place
Asset Management acquired a majority stake in the company. Kelso Place, which
sold British luxury leather goods company Smythson in 2009, bought the stake
from OpenGate Capital, which only acquired Farhi in 2010 for £5 million.
As with the OpenGate buyout,
Kelso Place will retain Nicole Farhi as creative director and Niki Scordi as
chief executive for the next phase of the expansion. Kelso Place has pledged to
invest up to £15 million in to the brand over the next five years as it expands
- with a particular focus on Asian growth.
"This is an
international growth story," Sion Kearsey, managing partner of Kelso
Place, told the Financial Times. "Nicole Farhi is well
represented in the UK, and currently sells in 40 countries worldwide, but the
opportunity is to deepen the penetration of the brand. We get on well with the
management team, and we're all agreed on where the business should go."
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Source: VOGUE - ELLA
ALEXANDER 12 January 2012
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