PARIS — Kering said Thursday that its Redcats division has concluded the deal to sell Vertbaudet and Cyrillus, its children and familiy brands, to Alpha Private Equity Fund 6 for an enterprise value of 119 million euros, or $152.5 million at current exchange.
Assets still remaining in Redcats’ sprawling portfolio include La Redoute and Daxon, which the group expects to sell in the secondhalf of this year.
The French group had first announced plans to divest its Redcats division in 2009, but had to postpone the process in 2011 due to adverse market conditions caused by the European debt crisis, which stood in the way of potential buyers struggling to secure financing.
The group, which counts Gucci, Yves Saint Laurent, Bottega Veneta, Puma and Chinese jeweler Qeelin in its portfolio, is retail to focus on developing its apparel and accessories in the luxury and sports-lifestyle segments.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)