BUY BACK: French cheap-chic retailer Naf Naf wants to go private. The firm, which also controls the men’s brand Chevignon, said it hopes to buy its free-floating shares at $25.52. Trading of Naf Naf shares on the Paris Bourse was suspended May 14 at $21.46. (Prices are converted from euros at current exchange.) The offer concerns 26.5 percent of the company’s capital. Brothers Patrick and Gerard Pariente own a controlling 62 percent stake. The news coincides with renewed growth at the firm after several rocky years. Last year, the group’s sales grew 10 percent to $305.7 million. Net income advanced 22 percent to $16.38 million.
This story first appeared in the May 27, 2003 issue of WWD. Subscribe Today.