MILAN — Italian investment company Excalibur I and German industrial group Steilmann Holding AG have teamed up to acquire a majority stake in German fashion retail giant Adler Modemarkte AG, which is listed on the Frankfurt Stock Exchange.
Excalibur I, which is controlled by private equity Equinox and textile group G.&C. Holding, and Steilmann Holding will acquire 49.96 percent of Adler through financial vehicle corporation Bidco, featuring Steilmann Holding as its main shareholder.
The transaction was inked between Bidco and private equity BluO,which bought the company in 2009 from Metro.
Bidco will pay Adler, which operates 169 stores in Europe, 5,75 euros, or $7.44 at current exchange rates, per share and then will launch avoluntary tender offer for the remaining shares.
According to a statement, the acquisition will allow Adler to increase its product quality and to expand in new markets, such as the Far East.
Steilmann Holding, which aims to generate with Adler annual revenues of more than 1 billion euros, or $1.3 billion, will also re-brand a number of Adler points of sale as Boecker stores. Boecker is a fashion retail company controlled by Steilmann.
In 2012, Adler generated 505 million euros, or $666.6 million, in revenues compared to the previous year. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 14 percent to 35 million euros, or $46.2 million.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast