PARIS — Beefing up its luxury lingerie portfolio, Belgian innerwear manufacturer Van de Velde has acquired the family-owned, Spanish premium lingerie firm Andres Sardá, including its sister brands Risk and University.
This story first appeared in the June 30, 2008 issue of WWD. Subscribe Today.
Van de Velde, advised by Paris-based investment banking firm Ohana & Co., purchased 100 percent of the shares of Eurocorset, Andres Sardá’s holding company, plus the brand for 14.6 million euros, or $22.6 million at current exchange.
“Van de Velde’s objective is to continue to acquire upscale lingerie brands with a view to developing a luxury lingerie retail network,” said Ohana & Co. managing partner Karine Ohana, noting that last March Van de Velde acquired almost half of the luxury American chain Intimacy. “They plan to develop the chain in the U.S. and Europe to offer a new made-to-measure lingerie experience for women.”
Van de Velde said Eurocorset generated 13 million euros, or about $20 million, in revenue in 2007, with almost half of its sales realized in Spain. Through the subsidiary Su Distribuidora Sul Tu Corpo S.L., the company operates four stores in Spain, including one outlet store. Members of the Sardá family will remain involved in the company.
Van de Velde, which already owns the Marie Jo, L’Aventure and Prima Donna brands, has worldwide sales of 130.3 million euros, or $202.2 million, and operates mainly across Europe and North America.