Jil Sander Fall 2008Fashion house Jil Sander AG, a maker of luxury ready-to-wear clothing for men and women, will be sold to a Japanese apparel group, the private equity firm that owns it said Monday.
In a statement, Change Capital Partners said it reached a deal to sell Jil Sander to Tokyo-based Onward Holdings Co. Ltd and its European subsidiary GIBO Co. SpA for €167 million (US$244.2 million).
The deal comes after Hamburg-based Jil Sander orchestrated a turnaround since 2005, with operating profit reaching €6.1 million in 2007 compared with a loss of €12.9 million in 2005 as it expanded its distribution networks in the U.S., Europe and Japan, and opened more stores.
Change Capital acquired Jil Sander in 2006 from Prada.
"When we acquired Jil Sander from Prada, we saw a tremendous opportunity to re-establish the profitability of this iconic brand," Stephan Lobmeyr of Change Capital.
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