Milan –Despite the adverse economic climate, it was announced today that Change Capital Partners has found an agreement to sell Jil Sander to Onward Holdings Co., the Tokyo-listed apparel group, and its European subsidiary, Gibo’ Co. Spa, for 167 million euros or $244.1 million at current exchange rates. According to a statement, the transaction is expected to close shortly. Speculation on a possible spin off had started to mount last month.
“We are greatly honored that Jil Sander, a luxury brand with exquisite design and spirit of innovation, is joining our group,” said Takeshi Hirouchi, chairman and ceo of Onward. “The acquisition certainly enhances our stable of well known brands. We believe that there are considerable opportunities and synergies to drive the growth of Jil Sander, Gibo’ and the entire Onward Group.”
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