PARIS — Private equity firm Advent International has acquired a majority stake in French fashion chain Gerard Darel with a view to speed its global expansion. Financial terms were not disclosed.
In a statement, Advent said it would support a plan to double Darel’s turnover by doubling its store presence in France to 80 locations, and to expand its global presence. Management at the Paris-based firm, led by the founding family, will remain in place.
Darel recently signed on actress Mamie Gummer, daughter of Meryl Streep, as the new face of the company. Darel posted sales of 158 million euros in 2007, or $216.6 at average exchange rates, 30 percent of which came from international markets.
For complete coverage, see Tuesday’s WWD.