PARIS — Perceva investment fund has entered into exclusive negotiations with Fruit of the Loom to buy its women’s underwear business in Europe, called Vanity Fair Brands Europe.
The activity includes four women’s lingerie brands — Variance, Lou, Vanity Fair and BestForm — and swimwear label Cherry Beach.
The price of the possible transaction was not disclosed.
“The group is well-positioned to start a new phase of its development. Our goal is to support its growth in France and internationally by answering consumers’ needs,” stated Jean-Louis Grevet, president Perceva, on Thursday.
Fruit of the Loom is an independent, wholly owned subsidiary of Berkshire Hathaway.
Vanity Fair Brands Europe generates annual sales of 55 million euros, or $62.2 million at current exchange, of which 70 percent is generated in France, 20 percent in Spain and 10 in other European countries, according to a Perceva spokeswoman.
Vanity Fair Brands Europe employs more than 300 people in France and Spain.
Perceva, based in Paris, holds stakes in French high-end grocery store Dalloyau and florist Monceau Fleurs.